|  The Honourable Ken KrawetzDeputy PremierMinister of Finance |
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| SASKATCHEWAN PROVINCIAL BUDGET11-12                               |
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| THE SASKATCHEWAN ADVANTAGE                                        |
| BUDGET SUMMARY                                                    |

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| GOVERNMENT DIRECTION FOR 2011-12                   | 6                                                           |   |
|----------------------------------------------------|-------------------------------------------------------------|--------|
|  TECHNICAL PAPERS                             |                                                        |   |
|                                               | Saskatchewan’s Economic Outlook                       | 28     |   |
|                                               | General Revenue Fund Financial Outlook                      | 37     |   |
|                                               | General Revenue Fund 2010-11 Financial Update               | 49     |   |
|                                               | Saskatchewan’s Tax Expenditures                       | 50     |   |
|                                               | 2011 Intercity Comparison of Taxes, Utilities and Housing   | 54     |   |
|                                               | 2011-12 Borrowing and Debt                                  | 60     |   |
|                                               | Growth and Financial Security Fund                          | 65     |   |
|                                               | Debt Retirement Fund                                        | 66     |   |
|                                               | 2011-12 Revenue Initiatives                                 | 67     |   |
|                                               | Reducing Education Property Taxes                           | 71     |   |
|                                               | Saskatchewan’s Children and Youth Agenda         | 73     |   |
| GENERAL REVENUE FUND (GRF) FINANCIAL TABLES        |                                                        |   |
|                                               | GRF – Statement of Operations and Accumulated Deficit | 80     |   |
|                                               | GRF – Statement of Change in Net Debt                 | 80     |   |
|                                               | GRF – Statement of Cash Flow                          | 81     |   |
|                                               | GRF – Schedule of Revenue                             | 82     |   |
|                                               | GRF – Schedule of Expense                             | 83     |   |
|                                               | GRF – Schedule of Debt                                | 84     |   |
|                                               | GRF – Schedule of Borrowing Requirements              | 85     |   |
|                                               | GRF – Schedule of Guaranteed Debt                | 86     |   |
| SUMMARY FINANCIAL STATEMENT (SFS) FINANCIAL TABLES |                                                        |   |
|                                               | Summary Statement of Surplus                                | 88     |   |
|                                               | Summary Statement of Accumulated Surplus                    | 89     |   |
|                                               | Summary Statement of Change in Net Debt                     | 90     |   |
|                                               | Summary Schedule of Pension Liabilities                     | 90     |   |
|                                               | Summary Schedule of Tangible Capital Assets                 | 91     |   |
|                                               | Summary Schedule of Debt                                    | 92     |   |
|                                               | Notes to the Summary Financial Budget                       | 93     |   |

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|   |                             |   |
|   | SASKATCHEWAN PROVINCIAL BUDGET   |   |
|   | 11-12                            |   |
|   |                             |   |
|   | GOVERNMENT DIRECTION FOR 2011-12 |   |

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|  Government’s Vision A secure and prosperous Saskatchewan, leading the country in economic and population growth, while providing opportunity for a high quality of life for all. |
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|   Conference Board of Canada Provincial Outlook – Winter 2011 “Saskatchewan is set to enter a period of prolonged economic prosperity, anchored by large-scale development of the potash industry and steady gains in the energy sector. The attractiveness of the province will continue to lure more people to the province, mainly new international migrants. These factors will lift Saskatchewan’s economy into first place among provinces, with real GDP growth of 3.9 per cent in 2011 and 4.5 per cent in 2012. The outlook for 2013 to 2015 is also bright, with average annual growth of 3.6 per cent forecast.” |
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|   Source: | Saskatchewan Public Accounts and Saskatchewan Provincial Economic Accounts |
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| ·   | the tax burden for agricultural producers by dropping the mill rate on agricultural land from 7.08 to 3.91, a reduction of $31.3 million; |
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| ·   | residential mill rates from 10.08 to 9.51 (for $18.7 million); and, |
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| ·   | the middle commercial mill rate from 15.75 to 14.75 (for $5.6 million). This is a greater decrease than originally promised to the business community. |
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|   |                     |  2007                           |  2011                |   |
|--------|--------------------------|--------------------------------------|---------------------------|--------|
|   | Basic Personal      |   $   8,945 |  $  14,535 |   |
|   |  Spousal/Equivalent |  8,945                          |  14,535              |   |
|   |  Dependent Child    |  2,795                          |   5,514         |   |

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| ·   | A single person earning $25,000 will pay $1,153 in total provincial taxes, the second lowest tax level; |
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| ·   | A two-income family earning $50,000 will pay $906 in total provincial taxes, the second lowest tax level; and, |
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| ·   | A two-income family earning $75,000 will pay $4,117 in total provincial taxes, the second lowest tax level. |
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|  Government’s Goal Sustain economic growth for the benefit of Saskatchewan people, ensuring the economy is ready for growth and positioning Saskatchewan to meet the challenges of economic and population growth and development. |
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| ·   | Infrastructure projects are “one time funding,” not an on-going investment like other program spending. These projects are therefore one of the better ways to spend unexpected revenues. |
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| ·   | This approach can lever funding from the federal government as well as additional investments from industries. |
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| ·   | It can “stimulate” the economy – by keeping construction companies and trades working in the province, hiring people, who then pay for goods and services in their local community, creating a stronger tax base to support necessary program spending. |
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| ·   | It serves to improve the infrastructure “gap” – highways, bridges, and government-owned facilities that are in need of repair or replacement due to limited attention on these facilities in previous years. |
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| ·   | It also prepares our economy for future growth. Our universities will be able to attract academics, scientists and researchers that will spur more innovation and excellence in our province. |
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| ·   | Similarly, the Global Transportation Hub will support our businesses in getting their products to markets around the world and will attract businesses to the province, creating jobs and spurring more activity and growth. |
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| ·   | $60.0 million for school capital projects; |
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| ·   | $50.0 million for the Academic Health Sciences Centre; |
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| ·   | $49.3 million for long-term care facilities; |
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| ·   | $41.6 million for housing and group home spaces; and, |
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| ·   | $23.5 million for rural municipal roads. |
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| ·   | $134 million in municipal infrastructure grants and projects; |
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| ·   | $33.5 million for capital related to corrections, public safety, courthouses, and security upgrades; |
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| ·   | $15.9 million for school capital projects; |
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| ·   | $11.3 million for the PRIME project related to oil and gas system renewal; and, |
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| ·   | $9.3 million for parks, up by $4.4 million. |
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| ·   | $285 million for highway repaving and capital infrastructure projects; |
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| ·   | $129 million, an increase of approximately $1.9 million to continue restoration and maintenance work on road and bridge infrastructure; and, |
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| ·   | $5 million in funding for roads and utilities supporting the Global Transportation Hub. |
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| ·   | $18.2 million for agricultural research and development, including $1.25 million in new funding for Agricultural Biotechnology Research; |
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| ·   | $11.5 million in innovation and science funding to support research projects of Saskatchewan’s universities; |
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| ·   | $3.2 million for energy industry research, including $2.3 million for the Petroleum Technology Research Centre to undertake petroleum research projects; |
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| ·   | $2.8 million to expand the Subsurface Geological Laboratory in Regina for the benefit of industry and research institutions; |
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| ·   | $2.6 million for operating funding for the Canadian Light Source Synchrotron (an increase of $1.6 million); |
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| ·   | $1.5 million funding increase to support research capacity at the Saskatchewan Research Council; |
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| ·   | $1.0 million for a new Strategic Innovation Initiatives Fund; |
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| ·   | $480,000 for TRLabs to work with local universities to support companies’ research needs and commercialize technologies; and, |
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| ·   | $500,000 for the Canadian Excellence Research Chair in Water Security (an increase of $300,000) as part of a seven-year, $10 million provincial commitment. |
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|  Conference Board of Canada Provincial Outlook – Winter 2011 “Saskatchewan – leading the way Canada’s “breadbasket” province is poised to post the strongest economic growth in the country this year… Bright employment opportunities continue to lure workers to the province, fuelling a housing boom. Housing starts are forecast to remain elevated… Non-residential investment spending is at an all-time high, propelled by several multibillion-dollar expansion and exploration projects under way… A number of U.S.-based companies are gearing up to set up shop in Canada, as they eye rapidly expanding retail markets north of the border.” |
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| Government’s Goal Secure Saskatchewan as a safe place to live and raise a family where people are confident in their future, ensuring the people of Saskatchewan benefit from the growing economy. |
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| ·   | $2.1 million to develop 500 new child care spaces, to a total of 12,700 spaces; |
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| ·   | $4.0 million to support the development of 500 new child care spaces of which some will be designated to post-secondary institutions; and, |
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| ·   | $2.0 million to develop PreK programs in existing schools. This funding is in addition to $2.6 million in operating funding to support an additional 40 PreK programs. |
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| ·   | $24.6 million to limit tuition increases at Saskatchewan’s universities, SIAST and the Regional Colleges to an average of three per cent; |
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| ·   | $3 million to fulfill the first year of the platform commitment for the new Saskatchewan Advantage Scholarship, for a total provincial investment in scholarships of $5 million; and, |
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| ·   | $97.8 million in support for students through Student Loans, Scholarships, Grants, Bursaries, the Provincial Training Allowance, the Apprenticeship Training Allowance, the Skills Training Benefit and the Graduate Retention Program. This program provides a rebate of up to $20,000 of tuition fees for graduates from an approved program, who already live in Saskatchewan or move to the province from elsewhere. |
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| ·   | Many clients are common across sectors, and they interact closely with a number of ministries and services. Clients can be affected by poverty, unemployment, lower education levels, mental health issues, substance abuse, maltreatment, violence or abuse; |
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| ·   | There is a strong base of evidence for taking action; |
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| ·   | Prevention is a key underlying theme with all the strategies and across sectors; |
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| ·   | Investment in the early years, including early childhood development, learning and care, will have a positive and long-term impact; |
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| ·   | Government needs to work differently with community stakeholders, First Nations, Métis and others to attain shared leadership and responsibility; |
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| ·   | Engagement with First Nations and Métis people is essential to ensure solutions are appropriate to culture and communities; |
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| ·   | Individual and Family Supports really make a difference to client outcomes; and, |
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| ·   | Socio-economic determinants of health matter. Challenges associated with poverty, housing, disability, addictions, lack of parenting, unemployment, unsafe family and community settings need to be addressed; and, |
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| ·   | There are high social and economic costs associated with inaction for individuals, families and communities, in addition to increased expenditures by human service ministries. |
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| 2010 Throne Speech Government is committed to improving educational outcomes for our First Nations and Métis students. The education of these students is a crucial precursor to their full participation in the labour market, and in Saskatchewan’s future prosperity. Ministries are working collaboratively with First Nations and Métis leaders. The goal is simple and profound: create a strategy best suited to the needs of this important group of students. The initial focus will be on early learners. |
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| ·   | $104 million, an increase of $5.7 million for Adult Corrections, including increases of $1.9 million and 25 full-time equivalents (FTEs) to deal with increasing custody and community supervision caseloads and $500,000 to expand anti-gang programming; |
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| ·   | $1.2 million and 24.5 FTEs to implement priority year three recommendations from The Road Ahead action plan to improve safety and security in the Province’s adult corrections system; and, |
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| ·   | $7 million to begin construction of a 32 cell addition to the Pine Grove Correctional Centre in Prince Albert. |
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| ·   | $14.6 million increase to complete 2010-11 Provincial Disaster Assistance Claims; |
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| ·   | $500,000 to begin implementation of the new Seniors’ Home Security Program; and, |
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| ·   | $400,000 to expand work in the Joint Emergency Preparedness Program. |
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| ·   | Courts and Civil Justice is allocated $49.0 million, an increase of $3.2 million primarily to maintain the quality of the Provincial Court system and improvements in court security, including the creation of a Threat Assessment Unit; |
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| ·   | Legal and Policy Services is allocated $28.2 million, an increase of $2.1 million to address pressures in Public Prosecutions and maintain core service delivery in Civil and Public Law; |
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| ·   | $590,000 and six FTEs for the Serious Violent Offender Response Program, which will monitor and prosecute serious offenders prior to their qualifying for consideration as Long-term or Dangerous Offender status; and, |
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| ·   | Funding of $250,000 will enable further pilots of the Aboriginal Courtworker program with emphasis on supporting child welfare cases, and will help northern women and children in abusive situations get transportation to shelters. |
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| ·   | $15.8 million in support of people with intellectual and cognitive disabilities, including funding for year three of the four-year 440 waitlist initiative which includes $1.6 million to expand services to those beyond the original waitlist; |
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| ·   | $2.3 million for Phase 2 of the Saskatchewan Assured Income for Disability Program, including a benefit increase of $50 per month beginning in January of 2010; and, |
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| ·   | $292,000 (a 10 per cent increase) for the Transit Assistance for People with Disabilities (TAPD) Program. |
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| ·   | In 2011-12, the Province will provide $1.5 million to assist municipalities in their efforts to increase the supply of affordable rental housing in the province. This is expected to develop up to 300 rental units; and, |
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| ·   | The Province will also provide $200,000 to help municipalities stimulate home ownership opportunities. It is estimated that up to 50 households will receive a grant in the program’s first year. |
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| 2010 Throne Speech Government is demonstrating its commitment to sustainability through support of expanded wind power capacity. That capacity will double between now and 2015 to a total of up to 400 megawatts of clean, green wind power. With EnerGuide scheduled to wind down in the spring… opportunity to develop a new program that will continue to encourage homeowners to make energy efficiency upgrades … an additional $9.4 million to the EnerGuide budget. |
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| Government’s Goal Keep Government’s promises and fulfill the commitments of the election, operating with integrity and transparency, accountable to the people of Saskatchewan. |
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| Ministers’ Mandate Letters June 29, 2010 Dear Minister … Lastly, as we work to reduce its footprint, we must be resolved to renew and reform government – its programs, its services, and the way in which they are delivered. Each of us needs to be challenged to be innovative and creative – to go beyond conventional thinking… An important initiative for our government will be implementation of the workforce adjustment strategy to reduce the public service by 15 per cent over four years. My expectation is that ministers will actively support and monitor this transformation of the public service… Premier Brad Wall |
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|--------|--------------------------------|--------|
|   |                           |   |
|   | SASKATCHEWAN PROVINCIAL BUDGET |   |
|   | 11-12                          |   |
|   |                           |   |
|   | TECHNICAL PAPERS               |   |

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|                                    |   |   | 2010      |   |   |   | Saskatchewan2005-10 |   |   |   | Rank    |   |   |   | Canada2005-10 |   |
|-----------------------------------------|--------|--------|-----------|--------|--------|--------|---------------------|--------|--------|--------|---------|--------|--------|--------|---------------|--------|
| Employment                              |   |   | 0.9       |   |   |   | 8.4                 |   |   |   | 2       |   |   |   | 5.4           |   |
| Retail Sales                            |   |   | 2.7       |   |   |   | 38.9                |   |   |   | 1       |   |   |   | 19.2          |   |
| Wholesale Trade                         |   |   |  9.3 |   |   |   |  45.2          |   |   |   |  2 |   |   |   | 14.4          |   |
| New Vehicle Sales                       |   |   | 6.0       |   |   |   | 21.3                |   |   |   | 2       |   |   |   | (2.8          | )      |
| Manufacturing Sales                     |   |   | (2.5      | )      |   |   | 15.8                |   |   |   | 2       |   |   |   | (10.8         | )      |
| Building Permits                        |   |   | 8.2       |   |   |   | 125.4               |   |   |   | 2       |   |   |   | 19.0          |   |
| Housing Starts                          |   |   | 52.8      |   |   |   | 71.9                |   |   |   | 2       |   |   |   | (15.8         | )      |
| International Exports                   |   |   | 9.7       |   |   |   | 71.2                |   |   |   | 1       |   |   |   | (8.6          | )      |
| Private and Public                      |   |   |      |   |   |   |                |   |   |   |    |   |   |   |          |   |
|    Investment Intentions |   |   | 6.1       |   |   |   | 78.6                |   |   |   | 1       |   |   |   | 23.7          |   |
| Average Weekly Earnings                 |   |   | 5.0       |   |   |   | 23.6                |   |   |   | 2       |   |   |   | 15.7          |   |

|   | Source: Statistics Canada |
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|                       |   | 2010Actual |   |   |  2011 |   |   |  2012 |   |   |  2013 |   |   |  2014 |   |   |  2015 |   |
|----------------------------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
| Real GDP Growth (%)        |   |       | 3.1    |   |       |   | 2.4    |       |   |   | 2.9        |   |   |       | 3.0    |   |       |   | 2.9 |   |   |   | 2.6 |   |
| CPI Growth (%)             |   |       | 1.8    |   |       |   | 2.1    |       |   |   | 2.0        |   |   |       | 2.0    |   |       |   | 2.0 |   |   |   | 2.0 |   |
| Interest Rates (%)         |   |       |   |   |       |   |   |       |   |   |       |   |   |       |   |   |       |   |   |   |   |   |   |   |
|   Short-term1    |   |       | 0.56   |   |       |   | 1.28   |       |   |   | 2.82       |   |   |       | 3.87   |   |       |   | 4.63 |   |   |   | 4.75 |   |
|   Long-term2     |   |       | 3.24   |   |       |   | 2.99   |       |   |   | 3.58       |   |   |       | 4.77   |   |       |   | 4.92 |   |   |   | 5.76 |   |
| Canadian Dollar (US cents) |   |       | 97.1   |   |       |   | 99.3   |       |   |   | 100.6      |   |   |       | 100.5  |   |       |   | 99.8 |   |   |   | 98.9 |   |

|   | 1 | 3-month Treasury Bill |
|--------|---|-----------------------|

|   | 2 | 10-year Government of Canada Bond |
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|                                |   |   |   |   |   |   |        |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|-------------|--------|
|                                |   | 2011   |   |   | 2012   |   | ReleaseDate |   |
| IHS Global Insight                  |   |   | 99.9   |   |   |   | 95.8        |   | Feb./11 |   |
| Conference Board of Canada (CBOC)   |   |   | 99.3   |   |   |   | 100.6       |   | Jan./11 |   |
| Centre for Spatial Economics (C4SE) |   |   | 96.9   |   |   |   | 96.1        |   | Jan./11 |   |
| TD Bank                             |   |   | 95.3   |   |   |   | 95.5        |   | Feb./11 |   |
| Royal Bank of Canada                |   |   | 100.0  |   |   |   | 100.1       |   | Dec./10 |   |
| Bank of Montreal                    |   |   | 101.3  |   |   |   | 101.2       |   | Feb./11 |   |
| CIBC                                |   |   | 102.0  |   |   |   | 100.5       |   | Jan./11 |   |
| Scotiabank                          |   |   | 98.3   |   |   |   | 95.0        |   | Feb./11 |   |
| High                                |   |   | 102.0  |   |   |   | 101.2       |   |   |   |
| Low                                 |   |   | 95.3   |   |   |   | 95.0        |   |   |   |
| Average                             |   |   | 99.1   |   |   |   | 98.1        |   |   |   |
| Ministry of Finance                 |   |   | 99.3   |   |   |   | 100.6       |   |   |   |

|   | Source: Ministry of Energy and Resources |
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|   | Source: Ministry of Energy and Resources |
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|   | Source: Ministry of Energy and Resources |
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|                   | 2010      |                     |                     |                                 |                     |                     |
|------------------------|--------------------------|--------------------------|--------------------------|--------------------------------------|--------------------------|--------------------------|
|                   | Actual                   | 2011                     | 2012                     | 2013                                 | 2014                     | 2015                     |
| WTI Oil (US$/barrel)   | 79.61     | 93.00     | 96.00     |    96.00    | 96.00     | 97.00     |
| Natural Gas (C$/GJ)    | 3.77      | 3.50      | 4.00      | 4.60                  | 5.50      | 6.00      |
| Potash (C$/K2O tonne)  | 569.74    | 645.11    | 649.59    | 663.78                | 680.09    | 697.81    |
| Potash (US$/KCl tonne) | 337.46                   | 390.76                   | 398.63                   | 406.93                               | 414.02                   | 420.98                   |

|   | Source: Ministry of Energy and Resources |
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|   | Source: Ministry of Agriculture |
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|   | Source: Statistics Canada |
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|                       | 2010      | 2011 | 2012 | 2013 | 2014 | 2015 |   |
|----------------------------|-----------|------|------|------|------|------|--------|
| Real GDP Growth (%)        | 1.7       | 4.2  | 2.8  | 2.1  | 2.1  | 2.0  |   |
| Nominal GDP Growth (%)     | 5.7       | 9.0  | 6.3  | 5.2  | 4.8  | 4.7  |   |
| CPI Growth (%)             | 1.41      | 2.6  | 2.8  | 2.4  | 2.3  | 2.4  |   |
| Employment Growth (000s)   | 4.81      | 6.0  | 4.0  | 3.6  | 3.6  | 3.5  |   |
| Unemployment Rate (%)      | 5.21      | 5.1  | 4.8  | 4.6  | 4.4  | 4.3  |   |
| Personal Income Growth (%) | 0.8  | 7.3  | 3.8  | 4.0  | 4.1  | 4.5  |   |
| Retail Sales Growth (%)    | 2.71      | 4.5  | 5.4  | 4.6  | 3.5  | 3.7  |   |

|   | 1 | Actual |
|--------|---|--------|

|   | Source: Statistics Canada, Ministry of Finance |
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|   | Source: Ministry of Finance |
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|   | Source: Ministry of Finance |
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|   | Source: Ministry of Finance, Statistics Canada |
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|   | Source: Statistics Canada, Ministry of Finance |
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|   | Source: Statistics Canada |
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|   | 1 | Percentages are the average of private sector forecasts. Private sector here includes all of the major |
|--------|---|--------------------------------------------------------------------------------------------------------|

|   | Canadian banks, Global Insight, CBOC and C4SE. |
|--------|------------------------------------------------|

|                   |  2010 |  2011 |  2012 | ReleaseDate |   |
|------------------------|------------|------------|------------|-------------|--------|
| IHS Global Insight     | 2.0        | 2.4        | 3.2        | Jan./11     |   |
| CBOC                   | 1.4        | 3.9        | 4.5        | Feb./11     |   |
| C4SE                   | 2.1        | 4.0        | 3.3        | Jan./11     |   |
| TD Bank                | 2.3        | 4.3        | 3.0        | Mar./11     |   |
| Royal Bank of Canada   | 4.5        | 4.9        | 4.3        | Mar./11     |   |
| Bank of Montreal       | 2.0        | 4.0        | 3.3        | Mar./11     |   |
| CIBC                   | 2.0        | 3.9        | 3.3        | Feb./11     |   |
| Scotiabank             | 2.3        | 4.6        | 2.8        | Mar./11     |   |
| Laurentian Bank        | 2.3        | 2.9        | 3.0        | Nov./10     |   |
| High                   | 4.5        | 4.9        | 4.5        |        |   |
| Low                    | 1.4        | 2.4        | 2.8        |        |   |
| Private Sector Average | 2.3        | 3.9        | 3.4        |        |   |
| Ministry of Finance    | 1.7        | 4.2        | 2.8        |        |   |
|                   |       |       |       |        |   |

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|   | Source: Private sector and Ministry of Finance. |
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|   | Private sector figures are based on the average of private sector forecasts. Private sector here includes all of the |
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|   | major Canadian banks, Global Insight, CBOC and C4SE. |
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|                      | 2010 | Rank | 2011 | Rank | 2012 | Rank |   |
|---------------------------|------|------|------|------|------|------|--------|
| British Columbia          | 3.4  | 2    | 2.7  | 3    | 2.9  | 2    |   |
| Alberta                   | 3.2  | 3    | 3.6  | 2    | 3.4  | 1    |   |
| Saskatchewan              | 2.3  | 7    | 3.9  | 1    | 3.4  | 1    |   |
| Manitoba                  | 2.2  | 8    | 2.7  | 3    | 2.7  | 3    |   |
| Ontario                   | 3.0  | 4    | 2.7  | 3    | 2.7  | 3    |   |
| Québec               | 2.8  | 5    | 2.3  | 4    | 2.3  | 5    |   |
| New Brunswick             | 2.2  | 8    | 1.8  | 6    | 2.0  | 6    |   |
| Nova Scotia               | 2.2  | 8    | 1.7  | 7    | 1.9  | 7    |   |
| Prince Edward Island      | 2.4  | 6    | 2.1  | 5    | 1.9  | 7    |   |
| Newfoundland And Labrador | 4.8  | 1    | 3.9  | 1    | 2.5  | 4    |   |
| Canada                    | 3.0  | --   | 2.7  | --   | 2.7  | --   |   |

|   | 1 | The percentages shown in the table are the average of private sector forecasts as of March 16, 2011. Private |
|--------|---|--------------------------------------------------------------------------------------------------------------|

|   | sector here includes all of the major Canadian banks, Global Insight, CBOC and C4SE. |
|--------|--------------------------------------------------------------------------------------|

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----

----

| ·   | a $369.0 million decrease in transfers from Crown Entities, primarily due to a $359.5 million reduction in total Crown Investments Corporation of Saskatchewan (CIC) dividends; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a $131.8 million decrease in other own-source revenue, primarily due to a decrease in interest-related earnings and refunds of prior-years’ expense; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a $100.5 million decrease in transfers from the Government of Canada, primarily due to a decrease in federal stimulus transfers and disaster assistance payments; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a $266.2 million increase in non-renewable resource revenue, primarily due to increases in oil and potash revenue; and, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

| ·   | a $141.9 million increase in tax revenue, primarily due to an increase in Individual Income Tax and Provincial Sales Tax revenue. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| Total Revenue: $10.8 billion |
|------------------------------|

----

----

----

| (Millions of Dollars)                               |                 |
|-----------------------------------------------------|----------------------|
|                                                |                 |
| 2010-11 GRF Revenue Forecast                        | 10,987.5   |
| CIC Special Dividend                                | (203.5)         |
| CIC Regular Dividend                                |  (156.0)   |
| Federal Transfers                                   | (100.5)         |
| Interest Earnings                                   | (66.8)          |
| Other Other Revenue (refunds, casual revenue, etc.) | (59.0)          |
| Crown Land Sales                                    | (30.3)          |
| Oil Royalties                                       | 177.5      |
| Tax Revenue                                         | 141.9      |
| Potash Royalties                                    | 79.8       |
| Resource Surcharge                                  | 39.6       |
| Other Net Changes                                   | (15.9)          |
|                                                |                 |
| Revenue Changes                                     | (193.2)         |
|                                                |                 |
| 2011-12 Budget GRF Revenue Estimate                 | 10,794.3   |

| (Millions of Dollars)                                             |          |                        |
|-------------------------------------------------------------------|---------------|-----------------------------|
|                                                              |          |                        |
| 2010-11 GRF Revenue Forecast                                      |          | 10.987.5               |
| Growth in Own-Source Revenue Base                                 |          |   576.5      |
| Non-recurring CIC Special Dividend                                |          |   (203.5)         |
|    Children’s Hospital                       | (195.0)  |                        |
|    Nuclear Research and Development Strategy       | (8.5)    |                        |
| Change in CIC Regular Dividend                                    |          |   (156.0)         |
| Non-recurring Prior-year Income Tax Reconciliation Payments       |          |   (112.8)         |
| Change in Federal Transfers                                       |          |   (100.5)         |
| Non-recurring Other Other Revenue (refunds, casual revenue, etc.) |          |   (59.0)          |
|                                                              |          |                        |
| 2011-12 Revenue Estimate, prior to Tax and Revenue Measures       |          |   10,932.2   |
| Impact of Tax Reductions                                          |          |   (132.8)         |
| Impact of Increased Beer Discounts for Commercial Permittees      |          |   (5.1)           |
|                                                              |          |                        |
| 2011-12 GRF Revenue Estimate                                      |          |   10,794.3   |

----

----

----

| ·   | Individual Income Tax is forecast to increase $125.1 million in 2011-12 as the result of growth in taxable income and a reduced negative prior-year adjustment, partially offset by the decline in tax revenue due to the budget measure to increase personal tax credit amounts. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provincial Sales Tax (PST) revenue is forecast to increase $50.5 million in 2011-12 as the result of continued strength in the Saskatchewan economy. Year-over-year growth in personal consumption and business spending is projected to lead to growth in the sales tax base and PST revenue. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Fuel Tax revenue is forecast to increase $15.6 million in 2011-12 on the basis of continued growth in the Saskatchewan economy and a rebound from lower-than-expected consumption in 2010-11, related to wet weather in the spring and summer of 2010. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other Taxes, including Insurance Premiums Tax, Liquor Consumption Tax and Corporation Capital Tax are forecast to increase $12.2 million in 2011-12, consistent with a growing economy. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Corporation Income Tax is forecast to decrease $66.5 million in 2011-12 because strength in the provincial corporate tax base is fully offset by a reduced prior-year adjustment and the decline in tax revenue due to the budget measure to reduce the small business tax rate. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Crown land sales revenue is forecast at $436.4 million in 2011-12, a decrease of $30.3 million. While lower than the previous year, sales of Crown petroleum and natural gas rights are projected to be the third highest on record. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                        | 2010-11Budget | 2010-11Forecast | 2011-12Budget |
|---------------------------------------------|---------------|-----------------|---------------|
| Natural Gas Price (fieldgate, C$/GJ)        | 4.40          | 3.39            | 3.65          |
| Natural Gas Production (billion cubic feet) | 188.7         | 181.5           | 160.2         |
| WTI Oil Price (US$/barrel)                  | 77.50         | 81.85           | 93.75         |
| Oil Production (million barrels             | 148.6         | 150.8           | 159.4         |
| Potash Price (mine netback, C$/K2O tonne)   | 529           | 590             | 646           |
| Potash Price (mine netback, US$/KCl tonne)  | 308           | 351             | 393           |
| Potash Sales (million K2O tonnes)           | 8.1           | 9.8             | 10.4          |
| Canadian Dollar (US cents)                  | 95.50         | 97.67           | 99.82         |

----

----

----

| ·   | Natural gas revenue is forecast at $22.5 million, a decrease of $3.1 million from 2010-11 as the result of decreased production, partially offset by slightly higher average fieldgate prices. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Oil revenue is forecast to increase $177.5 million in 2011-12 as the result of a higher average well-head price and increased production. Total oil royalties are forecast at $1.4 billion. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ·   | Potash royalties are forecast at $381.3 million in 2011-12, an increase of $79.8 million from 2010-11. The increase is primarily due to higher average prices, combined with a higher sales volume forecast. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Resource Surcharge revenue is forecast to increase by $39.6 million in 2011-12. The increase is primarily due to a continued increase in the value of resource sales, particularly in the oil and potash sectors. Resource Surcharge revenue is forecast at $438.3 million in 2011-12. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other non-renewable resource revenue, including uranium, coal and other minerals, is forecast to increase by $2.7 million, to $140.3 million in 2011-12. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

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| ·   | a US$1 per barrel change in the average annual WTI oil price results in an estimated $18.5 million change in oil royalties; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | a $0.10 per gigajoule change in the annual natural gas fieldgate price results in an estimated $0.9 million change in natural gas royalties; and, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a US$50 per KCl tonne (C$83 per K2O tonne) change in the average 2011 potash mine netback results in an estimated $96.0 million change in potash royalties. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                        | 2010-11     | 2011-12     | 2012-13      | 2013-14      | 2014-15     |
|---------------------------------------------|-------------|-------------|--------------|--------------|-------------|
| Natural Gas Price (fieldgate, C$/GJ)        | 3.39        | 3.65        | 4.27         | 4.83         | 5.63        |
| Natural Gas Production (billion cubic feet) | 181.5       | 160.2       | 146.0        | 136.3        | 129.9       |
| WTI Oil Price (US$/barrel)                  | 81.85       | 93.75       | 96.00        | 96.00        | 96.25       |
| Oil Production (million barrels)            | 150.8       | 159.4       | 167.3        | 169.8        | 169.1       |
| Potash Price (mine netback, C$/K2O tonne)   | 590         | 646         | 653          | 668          | 685         |
| Potash Price (mine netback, US$/KCl tonne)  | 351         | 393         | 401          | 409          | 416         |
| Potash Sales (million K2O tonnes)           | 9.8         | 10.4        | 10.6         | 10.8         | 10.9        |
| Canadian Dollar (US cents)                  | 97.67  | 99.82  | 100.58  | 100.33  | 99.58  |

----

----

----

| ·   | Health, $4.46 billion, or 41.8 per cent; |
|--------------------|------------------------------------------|

| ·   | Education (including Teachers’ Pensions and Benefits), $1.43 billion, or 13.4 per cent; |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | Advanced Education, Employment and Immigration, $855.9 million, or 8.0 per cent; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | Social Services, $814.2 million, or 7.6 per cent; |
|--------------------|---------------------------------------------------|

| ·   | Debt Servicing, $420.0 million, or 3.9 per cent; |
|--------------------|--------------------------------------------------|

| ·   | Agriculture, $417.9 million, or 3.9 per cent; |
|--------------------|-----------------------------------------------|

| ·   | Highways and Infrastructure, $380.3 million, or 3.6 per cent; and, |
|--------------------|--------------------------------------------------------------------|

| ·   | remaining ministries and agencies, $1.90 billion, or 17.8 per cent. |
|--------------------|---------------------------------------------------------------------|

| (Millions of Dollars)                          |        |
|------------------------------------------------|-------------|
|                                           |        |
| 2010-11 Budget GRF Expense Estimate            | 10,124.1    |
| Health                                         | 260.3  |
| Education1                                     | 119.3       |
| Social Services                                | 60.0        |
| Agriculture                                    | 32.1        |
| Corrections, Public Safety and Policing        | 31.3        |
| Advanced Education, Employment and Immigration | 26.4        |
| Chief Electoral Officer                        | 12.6        |
| Other Net Changes                              | 13.2        |
|                                           |        |
| Expense Changes                                | 555.2       |
|                                           |        |
| 2011-12 Budget GRF Expense Estimate            | 10,679.3    |

|   | 1 | Includes Teachers’ Pensions and Benefits |
|--------|---|------------------------------------------------|

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| (Millions of Dollars)                  | 2011-12                                                   | 2012-13                                                   | 2013-14                                                   | 2014-15                                                   |
|----------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------|
| Revenue                                | $10,794.3         | $11,331.2         | $11,828.4         | $12,318.6         |
| Expense                                | 10,679.3                                                  | 11,181.2                                                  | 11,628.4                                                  | 12,093.6                                                  |
| Pre-transfer Surplus                   | 115.0             | 150.0             | 200.0             | 225.0             |
| Transfer (to) GFSF                     | (57.5)                 | (75.0)                 | (100.0)                | (112.5)                |
| Transfer from GFSF                     | 325.0                                                     | –                                                   | –                                                   | –                                                   |
|                                   |                                                      |                                                      |                                                      |                                                      |
| Net Transfer from (to) GFSF            | 267.5                                                     | (75.0)                                                    | (100.0)                                                   | (112.5)                                                   |
|                                   |                                                      |                                                      |                                                      |                                                      |
| GRF Surplus                            | $382.5                                                    | $75.0                                                     | $100.0                                                    | $112.5                                                    |
|                                   |                                                      |                                                      |                                                      |                                                      |
| GFSF Balance                           | $710.8                                                    | $785.8                                                    | $885.8                                                    | $998.3                                                    |
|                                   |                                                      |                                                      |                                                      |                                                      |
| Government General Public              |                                                      |                                                      |                                                      |                                                      |
|   Debt (billions of dollars) | $3.8                                                      | $3.8                                                      | $3.8                                                      | $3.8                                                      |

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|                           |           | 1st             |            | 3rd             | Change         |   |
|--------------------------------|----------------|-----------------|-----------------|-----------------|----------------|--------|
|                           | Budget         | Quarter         | Mid-Year        | Quarter         | from           |   |
| (Millions of Dollars)          | Estimate       | Forecast        | Projection      | Forecast        | Budget         |   |
| Revenue                        | $9,949.9  | $10,144.8  | $10,676.1  | $10,987.5  | $1,037.6  |   |
| Expense                        | 10,124.1  | 10,285.8   | 10,539.1   | 10,947.5   | 823.4     |   |
| Pre-Transfer Surplus (Deficit) | (174.2)        | (141.0)         | 137.0      | 40.0       | 214.2     |   |
| Transfer (to) GFSF             | –   | –    | (68.5)          | (20.0)          | (20.0)         |   |
| Transfer from GFSF             | 194.2     | 161.0      | –    | –    | (194.2)        |   |
| Net Transfer from (to) GFSF    | 194.2     | 161.0      | (68.5)          | (20.0)          | (214.2)        |   |
|                           |           |            |            |            |           |   |
| GRF Surplus                    | 20.0      | 20.0       | 68.5       | 20.0       | 0.0       |   |
|                           |           |            |            |            |           |   |
| GFSF Balance*                  | 510.8     | 797.3      | 1,026.8    | 978.3      | 467.5     |   |
|                           |           |            |            |            |           |   |
| Government Debt*               | $4,145.3  | $4,140.5   | $4,140.5   | $4,140.5   | $(4.8)         |   |

----

----

----

----

----

----

----

| ·   | First, there is the cost of forgone revenue. Tax expenditures result in the reduction of revenue collected and have a significant impact on a government’s financial position. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Second, tax expenditures may add to the complexity of the tax system, leading to increased administrative effort by both taxpayers and governments. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Third, tax expenditures may create distortions in consumer and other economic behaviour. For example, the exemption for restaurant meals and snack foods provides preferential treatment for this category of consumer expenditure. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Finally, tax expenditures may create increased compliance costs for both businesses and consumers. |
|--------------------|----------------------------------------------------------------------------------------------------|

----

----

----

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| Exemptions      |   |                                                       |   |
|-----------------|--------|------------------------------------------------------------|--------|
| 1.              |   | Children’s clothing and footwear                     |   |  $ | 7.3 |   |
| 2.              |   | Prescription drugs                                         |   |   | 33.9 |   |
| 3.              |   | Electricity                                                |   |   | 37.6 |   |
| 4.              |   | Farm machinery and repair parts                            |   |   | 55.2 |   |
| 5.              |   | Fertilizer, pesticide and seed                             |   |   | 99.0 |   |
| 6.              |   | Food                                                       |   |   |   |   |
|            |   | – Restaurant meals and snack foods                   |   |   | 55.7 |   |
|            |   | – Basic groceries                                    |   |   | 106.9 |   |
| 7.              |   | Natural gas                                                |   |   | 24.8 |   |
| 8.              |   | Reading materials                                          |   |   | 9.3 |   |
| 9.              |   | Services                                                   |   |   |   |   |
|            |   | – Construction                                       |   |   | 397.5 |   |
|            |   | – Other                                              |   |   | 30.5 |   |
| 10.             |   | Used goods – exemption amounts                       |   |   | 1.1 |   |
| 11.             |   | Light used vehicles                                        |   |   | 70.4 |   |
| 12.             |   | Direct agents                                              |   |   | 23.5 |   |
| 13.             |   | Eligible energy efficient appliances, furnaces and boilers |   |   | 2.7 |   |
| 14.             |   | Toll-free telephone services                               |   |   | 0.4 |   |
| 15.             |   | Municipal fire trucks                                      |   |   | 0.1 |   |
| 16.   |   | Mineral exploration equipment                    |   |   | 0.1   |   |

|  1.       |   | Exemption for farm activity                 |   | $      | 115.2           |   |
|----------------|--------|---------------------------------------------|--------|--------|-----------------|--------|
| 2.             |   | Exemption for heating fuels                 |   |   | 24.4            |   |
| 3.   |   | Exemption for primary producers   |   |   | 1.4   |   |

|  Deductions from Income |   |                                             |   |
|------------------------------|--------|--------------------------------------------------|--------|
| 1.                           |   | Registered Pension Plan contributions            |   | $ | 78.9 |   |
| 2.                           |   | Registered Retirement Savings Plan contributions |   |   | 164.4 |   |
| 3.                           |   | Annual union, professional or like dues          |   |   | 17.1 |   |
| 4.                           |   | Child care expenses                              |   |   | 9.0 |   |
| 5.                           |   | Moving expenses                                  |   |   | 3.7 |   |
| 6.                           |   | Carrying charges                                 |   |   | 15.8 |   |
| 7.                           |   | Allowable employment expenses                    |   |   | 17.8 |   |
| 8.                           |   | $750,000 capital gains deduction                 |   |   | 70.1 |   |

----

----

----

| Saskatchewan Non-Refundable Tax Credits |   |                                         |   |
|-----------------------------------------|--------|----------------------------------------------|--------|
| 1.                                      |   | Basic personal tax credit                    |   | $ | 912.0 |   |
| 2.                                      |   | Spousal tax credit                           |   |   | 45.4 |   |
| 3.                                      |   | Equivalent-to-spouse tax credit              |   |   | 24.4 |   |
| 4.                                      |   | Age tax credit                               |   |   | 30.7 |   |
| 5.                                      |   | Supplement to the age tax credit             |   |   | 10.5 |   |
| 6.                                      |   | Dependent child tax credit                   |   |   | 60.7 |   |
| 7.                                      |   | Canada Pension Plan contributions tax credit |   |   | 70.2 |   |
| 8.                                      |   | Employment Insurance premiums tax credit     |   |   | 22.9 |   |
| 9.                                      |   | Pension income tax credit                    |   |   | 10.3 |   |
| 10.                                     |   | Tuition and education tax credit             |   |   | 29.6 |   |
| 11.                                     |   | Student loan interest tax credit             |   |   | 1.7 |   |
| 12.                                     |   | Disability tax credit                        |   |   | 11.1 |   |
| 13.                                     |   | Caregiver tax credit                         |   |   | 2.0 |   |
| 14.                                     |   | Medical expenses tax credit                  |   |   | 23.4 |   |
| 15.                                     |   | Charitable contributions tax credit          |   |   | 44.8 |   |

| Other Saskatchewan Tax Measures |   |                                           |   |
|---------------------------------|--------|------------------------------------------------|--------|
| 1.                              |   | Saskatchewan Low-Income Tax Credit             |   | $ | 80.0 |   |
| 2.                              |   | Labour-sponsored Venture Capital Tax Credit    |   |   | 11.7 |   |
| 3.                              |   | Mineral Exploration Tax Credit                 |   |   | 1.0 |   |
| 4.                              |   | Employees’ Tool Tax Credit               |   |   | 1.0 |   |
| 5.                    |   | Political Contributions Tax Credit   |   |   | 1.7   |   |

|  1.       |   | Lower tax rate for small business                                  |   | $      | 283.3            |   |
|----------------|--------|--------------------------------------------------------------------|--------|--------|------------------|--------|
| 2.             |   | Royalty Tax Rebate                                                 |   |   | 2.0              |   |
| 3.             |   | Manufacturing and Processing Profits Tax Reduction                 |   |   | 10.0             |   |
| 4.   |   | Investment Tax Credit for Manufacturing and Processing   |   |   | 20.0   |   |

----

----

----

----

| ·   | the level of taxation; |
|--------------------|------------------------|

| ·   | cost of utilities and auto insurance; and, |
|--------------------|--------------------------------------------|

| ·   | household costs for rent and mortgages. |
|--------------------|-----------------------------------------|

| ·   | a single person, living in rental accommodation, with an annual income of $25,000; |
|--------------------|------------------------------------------------------------------------------------|

| ·   | a family of two adults and two dependent children, owning its own home, with an annual family income of $50,000; and, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| ·   | a family of two adults and two dependent children, owning its own home, with an annual family income of $75,000. |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| ·   | A single person earning $25,000 will pay $1,153 in total provincial taxes, the second lowest tax level; |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | A two-income family earning $50,000 will pay $906 in total provincial taxes, the second lowest tax level; and, |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | A two-income family earning $75,000 will pay $4,117 in total provincial taxes, the second lowest tax level. |
|--------------------|-------------------------------------------------------------------------------------------------------------|

----

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----

|                                 |   | Vancouver |   |   | Calgary |   |   | Saskatoon |   |   | Winnipeg |   |   | Toronto |   |   | Montréal |   |   | Saint John |   |   | Halifax |   |   | Charlotte- town |   |   | St. John’s |   |
|--------------------------------------|--------|-----------|--------|--------|---------|--------|--------|-----------|--------|--------|----------|--------|--------|---------|--------|--------|---------------|--------|--------|------------|--------|--------|---------|--------|--------|-----------------|--------|--------|------------------|--------|
| Provincial Taxes and Health Premiums |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |
| Provincial                           |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |
|   Income Tax               |   | $         | 474    |   |    | $      | 651    |      |   | $      | 985      |   |   | $       | 1,659  |   |          | $      | 727    |       |   | $      | 1,575   |   |   | $               | 1,050  |   |             | $      | 1,341 |   |   | $ | 1,547 |   |   | $ | 1,194 |   |
| Tax Credits and                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Rebates                  |   |      | (135   | )      |    |   | 0      |      |   |   | (225     | )      |   |    | (650   | )      |          |   | (538   | )          |   |   | (597    | )      |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Health Premiums                      |   |      | 290    |   |    |   | 0      |      |   |   | 0        |   |   |    | 0      |   |          |   | 300    |       |   |   | 0       |   |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Retail Sales Tax                     |   |      | 623    |   |    |   | 0      |      |   |   | 243      |   |   |    | 426    |   |          |   | 740    |       |   |   | 786     |   |   |            | 740    |   |             |   | 925 |   |   |   | 598 |   |   |   | 783 |   |
| Gasoline Tax                         |   |      | 280    |   |    |   | 90     |      |   |   | 150      |   |   |    | 115    |   |          |   | 147    |       |   |   | 167     |   |   |            | 107    |   |             |   | 155 |   |   |   | 158 |   |   |   | 165 |   |
| Total Provincial                     |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Taxes and Health         |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Premiums                 |   | $         | 1,532  |   |    | $      | 741    |      |   | $      | 1,153    |   |   | $       | 1,550  |   |          | $      | 1,376  |       |   | $      | 1,931   |   |   | $               | 1,897  |   |             | $      | 2,421 |   |   | $ | 2,303 |   |   | $ | 2,142 |   |
| Household Utility Costs              |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Electricity                          |   | $         | 331    |   |    | $      | 613    |      |   | $      | 694      |   |   | $       | 373    |   |          | $      | 702    |       |   | $      | 398     |   |   | $               | 595    |   |             | $      | 671 |   |   | $ | 946 |   |   | $ | 619 |   |
| Telephone                            |   |      | 305    |   |    |   | 282    |      |   |   | 258      |   |   |    | 289    |   |          |   | 268    |       |   |   | 268     |   |   |            | 266    |   |             |   | 303 |   |   |   | 296 |   |   |   | 266 |   |
| Auto Insurance                       |   |      | 1,436  |   |    |   | 2,100  |      |   |   | 970      |   |   |    | 1,024  |   |          |   | 4,595  |       |   |   | 1,432   |   |   |            | 1,590  |   |             |   | 1,987 |   |   |   | 1,598 |   |   |   | 2,561 |   |
| Total Household                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utility Costs            |   | $         | 2,072  |   |    | $      | 2,995  |      |   | $      | 1,922    |   |   | $       | 1,686  |   |          | $      | 5,565  |       |   | $      | 2,098   |   |   | $               | 2,451  |   |             | $      | 2,961 |   |   | $ | 2,840 |   |   | $ | 3,446 |   |
| Total Taxes                          |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   and Utilities            |   | $         | 3,604  |   |    | $      | 3,736  |      |   | $      | 3,075    |   |   | $       | 3,236  |   |          | $      | 6,941  |       |   | $      | 4,029   |   |   | $               | 4,348  |   |             | $      | 5,382 |   |   | $ | 5,143 |   |   | $ | 5,588 |   |
| Housing Costs                        |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Rent                                 |   | $         | 11,280 |   |    | $      | 10,728 |      |   | $      | 9,180    |   |   | $       | 7,788  |   |          | $      | 11,388 |       |   | $      | 7,524   |   |   | $               | 6,660  |   |             | $      | 8,784 |   |   | $ | 6,924 |   |   | $ | 7,788 |   |
| Total of Taxes,                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utilities and            |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Housing                  |   | $         | 14,884 |   |    | $      | 14,464 |      |   | $      | 12,255   |   |   | $       | 11,024 |   |          | $      | 18,329 |       |   | $      | 11,553  |   |   | $               | 11,008 |   |             | $      | 14,166 |   |   | $ | 12,067 |   |   | $ | 13,376 |   |

----

----

----

|                                 |   | Vancouver |   |   | Calgary |   |   | Saskatoon |   |   | Winnipeg |   |   | Toronto |   |   | Montréal |   |   | Saint John |   |   | Halifax |   |   | Charlotte- town |   |   | St. John’s |   |
|--------------------------------------|--------|-----------|--------|--------|---------|--------|--------|-----------|--------|--------|----------|--------|--------|---------|--------|--------|---------------|--------|--------|------------|--------|--------|---------|--------|--------|-----------------|--------|--------|------------------|--------|
| Provincial Taxes and Health Premiums |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |
| Provincial                           |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |
|   Income Tax               |   | $         | 864    |   |    | $      | 1,118  |      |   | $      | 427      |   |   | $       | 2,413  |   |          | $      | 259    |       |   | $      | 2,232   |   |   | $               | 2,177  |   |             | $      | 2,444 |   |   | $ | 2,799 |   |   | $ | 2,156 |   |
| Tax Credits and                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Rebates                  |   |      | (90    | )      |    |   | (808   | )         |   |   | (272     | )      |   |    | (650   | )      |          |   | (600   | )          |   |   | 0       |   |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Active Families                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Benefit                  |   |      | 0      |   |    |   | 0      |      |   |   | (300     | )      |   |    | (109   | )      |          |   | (100   | )          |   |   | 0       |   |   |            | 0      |   |             |   | (88 | ) |   |   | 0 |   |   |   | 0 |   |
| Health Premiums                      |   |      | 1,452  |   |    |   | 0      |      |   |   | 0        |   |   |    | 0      |   |          |   | 300    |       |   |   | 0       |   |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Retail Sales Tax                     |   |      | 1,828  |   |    |   | 0      |      |   |   | 751      |   |   |    | 1,318  |   |          |   | 2,179  |       |   |   | 2,348   |   |   |            | 2,179  |   |             |   | 2,724 |   |   |   | 1,853 |   |   |   | 2,322 |   |
| Gasoline Tax                         |   |      | 559    |   |    |   | 180    |      |   |   | 300      |   |   |    | 230    |   |          |   | 294    |       |   |   | 334     |   |   |            | 214    |   |             |   | 310 |   |   |   | 316 |   |   |   | 330 |   |
| Total Provincial                     |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Taxes and Health         |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Premiums                 |   | $         | 4,613  |   |    | $      | 490    |      |   | $      | 906      |   |   | $       | 3,202  |   |          | $      | 2,332  |       |   | $      | 4,914   |   |   | $               | 4,570  |   |             | $      | 5,390 |   |   | $ | 4,968 |   |   | $ | 4,808 |   |
| Household Utility Costs              |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |
| Home Heating                         |   | $         | 1,185  |   |    | $      | 928    |      |   | $      | 929      |   |   | $       | 1,076  |   |          | $      | 982    |       |   | $      | 1,601   |   |   | $               | 1,796  |   |             | $      | 1,509 |   |   | $ | 2,181 |   |   | $ | 2,138 |   |
| Electricity                          |   |      | 548    |   |    |   | 929    |      |   |   | 1,059    |   |   |    | 596    |   |          |   | 1,075  |       |   |   | 590     |   |   |            | 912    |   |             |   | 1,085 |   |   |   | 1,446 |   |   |   | 950 |   |
| Telephone                            |   |      | 305    |   |    |   | 282    |      |   |   | 258      |   |   |    | 289    |   |          |   | 268    |       |   |   | 268     |   |   |            | 266    |   |             |   | 303 |   |   |   | 296 |   |   |   | 266 |   |
| Auto Insurance                       |   |      | 1,436  |   |    |   | 2,100  |      |   |   | 970      |   |   |    | 1,024  |   |          |   | 4,595  |       |   |   | 1,432   |   |   |            | 1,590  |   |             |   | 1,987 |   |   |   | 1,598 |   |   |   | 2,561 |   |
| Total Household                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utility Costs            |   | $         | 3,474  |   |    | $      | 4,239  |      |   | $      | 3,216    |   |   | $       | 2,985  |   |          | $      | 6,920  |       |   | $      | 3,891   |   |   | $               | 4,564  |   |             | $      | 4,884 |   |   | $ | 5,521 |   |   | $ | 5,915 |   |
| Total Taxes                          |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   and Utilities            |   | $         | 8,087  |   |    | $      | 4,729  |      |   | $      | 4,122    |   |   | $       | 6,187  |   |          | $      | 9,252  |       |   | $      | 8,805   |   |   | $               | 9,134  |   |             | $      | 10,274 |   |   | $ | 10,489 |   |   | $ | 10,723 |   |
| Housing Costs                        |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Costs                       |   | $         | 20,760 |   |    | $      | 12,364 |      |   | $      | 9,848    |   |   | $       | 7,882  |   |          | $      | 14,513 |       |   | $      | 8,258   |   |   | $               | 5,332  |   |             | $      | 7,629 |   |   | $ | 4,853 |   |   | $ | 6,831 |   |
| Net Property Taxes                   |   |      | 2,739  |   |    |   | 1,873  |      |   |   | 2,791    |   |   |    | 2,558  |   |          |   | 2,950  |       |   |   | 2,938   |   |   |            | 2,462  |   |             |   | 2,272 |   |   |   | 2,600 |   |   |   | 2,640 |   |
| Total Housing                        |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Costs                    |   | $         | 23,499 |   |    | $      | 14,237 |      |   | $      | 12,639   |   |   | $       | 10,440 |   |          | $      | 17,463 |       |   | $      | 11,196  |   |   | $               | 7,794  |   |             | $      | 9,901 |   |   | $ | 7,453 |   |   | $ | 9,471 |   |
| Total of Taxes,                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utilities and            |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |       |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Housing                  |   | $         | 31,586 |   |    | $      | 18,966 |      |   | $      | 16,761   |   |   | $       | 16,627 |   |          | $      | 26,715 |       |   | $      | 20,001  |   |   | $               | 16,928 |   |             | $      | 20,175 |   |   | $ | 17,942 |   |   | $ | 20,194 |   |

----

----

----

|                                 |   | Vancouver |   |   | Calgary |   |   | Saskatoon |   |   | Winnipeg |   |   | Toronto |   |   | Montréal |   |   | SaintJohn |   |   | Halifax |   |   | Charlotte- town |   |   | St. John’s |   |
|--------------------------------------|--------|-----------|--------|--------|---------|--------|--------|-----------|--------|--------|----------|--------|--------|---------|--------|--------|---------------|--------|--------|-----------|--------|--------|---------|--------|--------|-----------------|--------|--------|------------------|--------|
| Provincial Taxes and Health Premiums |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |
| Provincial                           |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |
|   Income Tax               |   | $         | 2,428  |   |    | $      | 3,336  |      |   | $      | 3,075    |   |   | $       | 5,411  |   |          | $      | 2,766  |      |   | $      | 6,562   |   |   | $               | 4,732  |   |             | $      | 5,419 |   |   | $ | 5,607 |   |   | $ | 4,581 |   |
| Tax Credits and                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Rebates                  |   |      | 0      |   |    |   | 0      |      |   |   | 0        |   |   |    | (650   | )      |          |   | (335   | )         |   |   | 0       |   |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Active Families                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Benefit                  |   |      | 0      |   |    |   | 0      |      |   |   | (300     | )      |   |    | (109   | )      |          |   | (100   | )         |   |   | 0       |   |   |            | 0      |   |             |   | (88 | ) |   |   | 0 |   |   |   | 0 |   |
| Health Premiums                      |   |      | 1,452  |   |    |   | 0      |      |   |   | 0        |   |   |    | 0      |   |          |   | 750    |      |   |   | 0       |   |   |            | 0      |   |             |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Retail Sales Tax                     |   |      | 2,479  |   |    |   | 0      |      |   |   | 1,042    |   |   |    | 1,802  |   |          |   | 2,955  |      |   |   | 3,155   |   |   |            | 2,955  |   |             |   | 3,693 |   |   |   | 2,528 |   |   |   | 3,135 |   |
| Gasoline Tax                         |   |      | 559    |   |    |   | 180    |      |   |   | 300      |   |   |    | 230    |   |          |   | 294    |      |   |   | 334     |   |   |            | 214    |   |             |   | 310 |   |   |   | 316 |   |   |   | 330 |   |
| Total Provincial                     |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Taxes and Health         |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Premiums                 |   | $         | 6,918  |   |    | $      | 3,516  |      |   | $      | 4,117    |   |   | $       | 6,684  |   |          | $      | 6,330  |      |   | $      | 10,051  |   |   | $               | 7,901  |   |             | $      | 9,334 |   |   | $ | 8,451 |   |   | $ | 8,046 |   |
| Household Utility Costs              |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |
| Home Heating                         |   | $         | 1,185  |   |    | $      | 928    |      |   | $      | 929      |   |   | $       | 1,076  |   |          | $      | 982    |      |   | $      | 1,601   |   |   | $               | 1,796  |   |             | $      | 1,509 |   |   | $ | 2,181 |   |   | $ | 2,138 |   |
| Electricity                          |   |      | 548    |   |    |   | 929    |      |   |   | 1,059    |   |   |    | 596    |   |          |   | 1,075  |      |   |   | 590     |   |   |            | 912    |   |             |   | 1,085 |   |   |   | 1,446 |   |   |   | 950 |   |
| Telephone                            |   |      | 305    |   |    |   | 282    |      |   |   | 258      |   |   |    | 289    |   |          |   | 268    |      |   |   | 268     |   |   |            | 266    |   |             |   | 303 |   |   |   | 296 |   |   |   | 266 |   |
| Auto Insurance                       |   |      | 1,436  |   |    |   | 2,100  |      |   |   | 970      |   |   |    | 1,024  |   |          |   | 4,595  |      |   |   | 1,432   |   |   |            | 1,590  |   |             |   | 1,987 |   |   |   | 1,598 |   |   |   | 2,561 |   |
| Total Household                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utility Costs            |   | $         | 3,474  |   |    | $      | 4,239  |      |   | $      | 3,216    |   |   | $       | 2,985  |   |          | $      | 6,920  |      |   | $      | 3,891   |   |   | $               | 4,564  |   |             | $      | 4,884 |   |   | $ | 5,521 |   |   | $ | 5,915 |   |
| Total Taxes                          |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   and Utilities            |   | $         | 10,392 |   |    | $      | 7,755  |      |   | $      | 7,333    |   |   | $       | 9,669  |   |          | $      | 13,250 |      |   | $      | 13,942  |   |   | $               | 12,465 |   |             | $      | 14,218 |   |   | $ | 13,972 |   |   | $ | 13,961 |   |
| Housing Costs                        |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage Costs                       |   | $         | 20,760 |   |    | $      | 12,364 |      |   | $      | 9,848    |   |   | $       | 7,882  |   |          | $      | 14,513 |      |   | $      | 8,258   |   |   | $               | 5,332  |   |             | $      | 7,629 |   |   | $ | 4,853 |   |   | $ | 6,831 |   |
| Net Property Taxes                   |   |      | 2,739  |   |    |   | 1,873  |      |   |   | 2,791    |   |   |    | 2,558  |   |          |   | 2,950  |      |   |   | 2,938   |   |   |            | 2,462  |   |             |   | 2,272 |   |   |   | 2,600 |   |   |   | 2,640 |   |
| Total Housing                        |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Costs                    |   | $         | 23,499 |   |    | $      | 14,237 |      |   | $      | 12,639   |   |   | $       | 10,440 |   |          | $      | 17,463 |      |   | $      | 11,196  |   |   | $               | 7,794  |   |             | $      | 9,901 |   |   | $ | 7,453 |   |   | $ | 9,471 |   |
| Total of Taxes,                      |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Utilities and            |   |      |   |   |    |   |   |      |   |   |     |   |   |    |   |   |          |   |   |      |   |   |    |   |   |            |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   Housing                  |   | $         | 33,891 |   |    | $      | 21,992 |      |   | $      | 19,972   |   |   | $       | 20,109 |   |          | $      | 30,713 |      |   | $      | 25,138  |   |   | $               | 20,259 |   |             | $      | 24,119 |   |   | $ | 21,425 |   |   | $ | 23,432 |   |

----

----

----

----

----

----

----

----

----

----

| ·   | Gross Debt – the amount of money owed to lenders; less |
|--------------------|--------------------------------------------------------------|

| ·   | Sinking Funds – the amount of money which has been set aside for the repayment of debt. |
|--------------------|-----------------------------------------------------------------------------------------------|

----

----

----

|                                       |   | Estimated |    |   | Forecast |   |    | Actual |   |
|--------------------------------------------|--------|-----------|---------|--------|----------|--------|---------|--------|--------|
| (Millions of Dollars)                      |   | 2012      |    |   | 2011     |   |    | 2010   |   |
| Government General                         |   |      |    |   |     |   |    |   |   |
| Gross Debt                                 |   | $         | 5,756.7 |   |     | $      | 6,119.5 |   |   | $ | 6,427.0 |   |
| Sinking Funds                              |   |      | 1,941.2 |   |     |   | 1,979.0 |   |   |   | 2,286.5 |   |
|                                       |   |      |    |   |     |   |    |   |   |   |   |   |
| Government General Public Debt             |   | $         | 3,815.5 |   |     | $      | 4,140.5 |   |   | $ | 4,140.5 |   |
| Crown Corporation General                  |   |      |    |   |     |   |    |   |   |   |   |   |
| Gross Debt                                 |   | $         | 781.5   |   |     | $      | 721.1   |   |   | $ | 845.7 |   |
| Sinking Funds                              |   |      | 38.8    |   |     |   | 33.5    |   |   |   | 27.0 |   |
|                                       |   |      |    |   |     |   |    |   |   |   |   |   |
| Crown Corporation General Public Debt |   | $         | 742.7   |   |     | $      | 687.6   |   |   | $ | 818.7 |   |
| Government Business Enterprise Specific    |   |      |    |   |     |   |    |   |   |   |   |   |
| Gross Debt                                 |   | $         | 4,770.1 |   |     | $      | 3,960.0 |   |   | $ | 3,417.3 |   |
| Sinking Funds                              |   |      | 474.5   |   |     |   | 419.6   |   |   |   | 383.9 |   |
|                                       |   |      |    |   |     |   |    |   |   |   |   |   |
| Government Business Enterprise             |   |      |    |   |     |   |    |   |   |   |   |   |
|    Specific Public Debt     |   | $         | 4,295.6 |   |     | $      | 3,540.4 |   |   | $ | 3,033.4 |   |
|                                       |   |      |    |   |     |   |    |   |   |   |   |   |
| Public Debt                                |   | $         | 8,853.8 |   |     | $      | 8,368.5 |   |   | $ | 7,992.6 |   |
|                                       |   |      |    |   |     |   |    |   |   |   |   |   |
| Guaranteed Debt                            |   | $         | 91.3    |   |     | $      | 42.7    |   |   | $ | 17.1 |   |

----

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|   Reconciliation of Surplus and Change in Government General Public Debt  The amount by which government general public debt will change may be higher or lower than the surplus reported under the accrual basis of accounting.The difference between the surplus and the amount by which government general public debt will change is reconciled by: |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Adjusting the surplus to a cash basis to recognize the amount and timing of non-cash revenues and expenditures to determine the cash provided from operations; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Adjusting for cash required for capital acquisitions; |
|----|-------------------------------------------------------|

| 3. | Adding other cash sources or subtracting other cash requirements to recognize the amount of cash inflows and outflows from loan, investment and other activities to determine the cash available to reduce debt; and, |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  4. | Adding changes in sinking funds which will be used to repay government general public debt. |
|----------|---------------------------------------------------------------------------------------------|

|                                       |     |                                       |   |    Estimated2011-12 |   |        |  Forecast2010-11 |        |
|--------------------------------------------|----------|--------------------------------------------|--------|------------------------------------|--------|-------------|-----------------------|-------------|
|                                       |     |                                       |   |   ($ Millions)           |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |
| Surplus (on Accrual Accounting Basis)      |     |                                       |   |                               |   |        |  $               | 382.5       |   |   |   |   |   |  $ | 20.0  |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       | 1.  | Adjustment to Cash Basis                   |   |                               |   |        |                  |        |   | 39.2 |   |   |   |   |   |   |  (329.4 | )  |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |
| Cash Provided by Operations                |     |                                       |   |                               |   |        |                  |  421.7 |   |   |   |   |   |   |  (309.4 | ) |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       | 2.       | Capital Aquisitions                        |   |                               |   |        |                  |        |   | (415.7 | )  |   |   |   |   |   |  (397.3 | ) |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       | 3.       | Other Cash Sources                    |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       |     |  ●  Sinking Fund Proceeds  |   |                               |   | 165.5       |                  |        |   |   |   |   |   |  503.0 |   |   |   |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       |     |  ●  CIC Equity Repayment   |   |                               |   | 0.0         |                  |        |   |   |   |   |   |  120.0 |   |   |   |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       |     |  ●  Change in Cash Balance |   |                               |   |  210.9 |                  |        |   |   |   |   |   |  406.9 |   |   |   |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       |     |  ●  Other                  |   |                               |   |  (19.7 | )                |        |   |  356.7 |   |   |   |  (15.7 | )  |   |  1,014.2 |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |
| Cash Available to Reduce Debt              |     |                                       |   |                               |   |        |  $               |  362.7 |   |   |   |   |   |  $ |  307.5 |   |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |   |   |
|                                       | 4.       | Change in Sinking Funds               |   |                               |   |        |                  |        |   |  (37.7 | )  |   |   |   |   |   |  (307.5 | )  |
|                                       |     |                                       |   |                               |   |        |                  |        |   |   |   |   |   |   |   |   |
| Decrease in Government General Public Debt |     |                                       |   |                               |   |        |  $               | 325.0       |   |   |   |   |   |  $ |  0.0 |   |

----

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----

|                                         |   | Estimated     |   |   | Forecast |    |
|----------------------------------------------|--------|---------------|--------|--------|----------|---------|
| (Millions of Dollars)                        |   |  2011-12 |   |   |     | 2010-11 |   |
| Government General Debt                      |   | $             | 392.3  |   |     | $       | 411.1 |   |
| Crown Corporation General Debt               |   |          | 27.7   |   |     |    | 18.9 |   |
| Government Business Enterprise Specific Debt |   |          | 243.5  |   |     |    | 227.0 |   |
| Total Cost of Servicing Gross Debt           |   | $             | 663.5  |   |     | $       | 657.0 |   |

|                                   |   | Estimated |    |   | Forecast |   |    | Actual |   |
|----------------------------------------|--------|-----------|---------|--------|----------|--------|---------|--------|--------|
| (Millions of Dollars)                  |   | 2012      |    |   | 2011     |   |    | 2010   |   |
| GRF Public Debt for Government         |   | $         | 3,815.5 |   |     | $      | 4,140.5 |   |   | $ | 4,140.5 |   |
| GRF Public Debt for Crown Corporations |   |      | 5,038.3 |   |     |   | 4,228.0 |   |   |   | 3,852.1 |   |
| GRF Public Debt                        |   | $         | 8,853.8 |   |     | $      | 8,368.5 |   |   | $ | 7,992.6 |   |
| Other Debt                             |   |      | 212.5   |   |     |   | 157.9   |   |   |   | 234.4 |   |
| Summary Statement of Debt              |   | $         | 9,066.3 |   |     | $      | 8,526.4 |   |   | $ | 8,227.0 |   |
| Summary Statement of Guaranteed Debt   |   | $         | 39.7    |   |     | $      | 30.9    |   |   | $ | 23.4 |   |

----

----

----

----

| ·   | to assist in the achievement of the Government of Saskatchewan’s long-term objectives by providing for financial security of the Government of Saskatchewan from year to year; and, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | to provide a source of funds that are to be available for appropriation to be used for programs of the Government of Saskatchewan identified as promoting or enhancing the economic development of Saskatchewan. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 50 per cent of any pre-transfer surplus for any fiscal year (required); or, |
|--------------------|-----------------------------------------------------------------------------|

| ·   | subject to the approval of Treasury Board, the amount of significant, unexpected revenues received for the fiscal year, as determined by the minister (special transfer). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | Forecast |    |
|---------------------------------------|--------|----------|---------|
| (Millions of Dollars)                 |   |     | 2010-11 |   |   |   | 2011-12 |   |   |   | 2012-13 |   |   |   | 2013-14 |   |   |   | 2014-15 |   |
| Opening Balance*                      |   | $        | 958.3   |   |   | $ | 978.3 |   |   | $ | 710.8 |   |   | $ | 785.8 |   |   | $ | 885.8 |   |
| Plus Transfers to the                 |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    GFSF from the GRF   |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (50% of Pre-Transfer Surplus)         |   |     | 20.0    |   |   |   | 57.5 |   |   |   | 75.0 |   |   |   | 100.0 |   |   |   | 112.5 |   |
| Minus Transfers from                  |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    the GFSF to the GRF |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Financial Security/Debt Reduction)   |   |     | – |   |   |   | (325.0 | ) |   |   | – |   |   |   | – |   |   |   | – |   |
| Net Transfers to (from)               |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| the GFSF from the GRF                 |   |     | 20.0    |   |   |   | (267.5 | ) |   |   | 75.0 |   |   |   | 100.0 |   |   |   | 112.5 |   |
|                                  |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Closing Balance                       |   | $        | 978.3   |   |   | $ | 710.8 |   |   | $ | 785.8 |   |   | $ | 885.8 |   |   | $ | 998.3 |   |

----

----

----

----

| ·   | 50 per cent of any pre-transfer surplus for any fiscal year (required); or, |
|--------------------|-----------------------------------------------------------------------------|

| ·   | a transfer made out of the GFSF by the minister, subject to the approval of Treasury Board, for the purpose of assisting in the long-term objective of eliminating the debt. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                     |   |          |    |   | Forecast |    |
|--------------------------|--------|---------------|---------|--------|----------|---------|
| (Millions of Dollars)    |   | 2009-10Actual |    |   |     | 2010-11 |   |   |   | 2011-12 |   |   |   | 2012-13 |   |   |   | 2013-14 |   |   |   | 2014-15 |   |
| 2009-10 Surplus          |   | $             | 2,813.4 |   |     | $       | – |   |   | $ | – |   |   | $ | – |   |   | $ | – |   |   | $ | – |   |
| 2010-11 Surplus Forecast |   |          | – |   |     |    | 20.0 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| 2011-12 Surplus Forecast |   |          | – |   |     |    | – |   |   |   | 382.5 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| 2012-13 Surplus Forecast |   |          | – |   |     |    | – |   |   |   | – |   |   |   | 75.0 |   |   |   | – |   |   |   | – |   |
| 2013-14 Surplus Forecast |   |          | – |   |     |    | – |   |   |   | – |   |   |   | – |   |   |   | 100.0 |   |   |   | – |   |
| 2014-15 Surplus Forecast |   |          | – |   |     |    | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | 112.5 |   |
|                     |   |          |    |   |     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cumulative Total         |   | $             | 2,813.4 |   |     | $       | 2,833.4 |   |   | $ | 3,215.9 |   |   | $ | 3,290.9 |   |   | $ | 3,390.9 |   |   | $ | 3,503.4 |   |

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|                  |   |    | 2007  |   |   |    | 2011   |   |
|-----------------------|--------|---------|-------|--------|--------|---------|--------|--------|
| Basic Personal        |   |  $ | 8,945 |   |   |  $ | 14,535 |   |
| Spousal/Equivalent    |   |    | 8,945 |   |   |    | 14,535 |   |
| Dependent Child       |   |    | 2,795 |   |   |    | 5,514  |   |
| Disability            |   |    | 7,021 |   |   |    | 8,563  |   |
| Disability Supplement |   |    | 4,095 |   |   |    | 8,563  |   |
| Infirm Dependant      |   |    | 4,095 |   |   |    | 8,563  |   |
| Caregiver             |   |    | 4,095 |   |   |    | 8,563  |   |

|                                            |   | Millions of Dollars |   |
|-------------------------------------------------|--------|---------------------|--------|
| 2011 Personal Income Tax Exemption Enhancements |   | $                   | 60     |   |
| 2008 Personal Income Tax Exemption Enhancements |   |                | 246    |   |
| Low-Income Tax Credit Enhancement               |   |                | 46     |   |
| Indexation for the 2008 to 2011 Taxation Years  |   |                | 56     |   |
| Other Measures*                                 |   |                | 12     |   |
|                                            |   |                |   |   |
| Total New Tax Reductions and Enhanced Benefits  |   | $                   | 420    |   |

----

----

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|                            |   |               |   |   | Low-Income          |   |   | Active           |   |   | Total          |   |
|---------------------------------|--------|--------------------|--------|--------|---------------------|--------|--------|------------------|--------|--------|----------------|--------|
|                            |   | Income TaxSavings1 |   |   | Tax Credit Savings2 |   |   | Families Benefit |   |   | Annual Savings |   |
| Families with Two Children      |   |               |   |   |                |   |   |             |   |   |           |   |
| Single Parent at $35,000        |   | $                  | 1,046  |   |                |   | 395    |             |   |   | 300            |   |   | $ | 1,741 |   |
| Single-Income Couple at $35,000 |   | $                  | 1,075  |   |                |   | 467    |             |   |   | 300            |   |   | $ | 1,842 |   |
| Single-Income Couple at $50,000 |   | $                  | 1,995  |   |                |   | 212    |             |   |   | 300            |   |   | $ | 2,507 |   |
| Two-Income Couple at $50,000    |   | $                  | 1,875  |   |                |   | 272    |             |   |   | 300            |   |   | $ | 2,447 |   |
| Two-Income Couple at $75,000    |   | $                  | 1,940  |   |                |   | 0      |             |   |   | 300            |   |   | $ | 2,240 |   |
|  Individuals               |   |               |   |   |                |   |   |             |   |   |           |   |   |   |   |   |
| Single Person at $25,000        |   | $                  | 633    |   |                |   | 120    |             |   |   | –        |   |   | $ | 753 |   |
| Single Person at $35,000        |   | $                  | 633    |   |                |   | 68     |             |   |   | –        |   |   | $ | 701 |   |

|   | 1 | Income tax savings are relative to 2007 and include the 2008 tax reductions, indexation adjustments for the |
|--------|---|-------------------------------------------------------------------------------------------------------------|

|   | 2008 through 2011 taxation years and the 2011 tax reductions. |
|--------|---------------------------------------------------------------|

|   | 2 | Low-Income Tax Credit savings are relative to 2007 and include the 2008 program benefit enhancements |
|--------|---|------------------------------------------------------------------------------------------------------|

|   | and the indexation adjustments for the 2008 through 2011 taxation years. |
|--------|--------------------------------------------------------------------------|

----

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| ·   | $31.3 million for Agricultural land – the mill rate will decline from 7.08 to 3.91; |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | $5.6 million for Commercial property – the second tier mill rate will decline from 15.75 to 14.75; and, |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | $18.7 million for Residential property – the mill rate will decline from 10.08 to 9.51. |
|--------------------|-----------------------------------------------------------------------------------------------|

| ·   | 80.9 per cent for Agricultural land versus 38.0 per cent in 2007; |
|--------------------|-------------------------------------------------------------------|

| ·   | 17.4 per cent for Commercial property versus 6.0 per cent in 2007; and, |
|--------------------|-------------------------------------------------------------------------|

| ·   | 29.0 per cent for Residential property versus 9.7 per cent in 2007. |
|--------------------|---------------------------------------------------------------------|

| (Millions & Per Cent) |   | Agriculture |   |   | Commercial2 |   |   | Residential |   |   | Grants-in-Lieu3 |   |   | Total  |   |
|---------------------------|--------|-------------|--------|--------|-------------|--------|--------|-------------|--------|--------|-----------------|--------|--------|--------|--------|
| 2008 Tax Levy             |   | $           | 196.4  |   |        | $      | 307.1  |        |   | $      | 376.9           |   |   | $      | 28.5   |   |   | $ | 908.9 |   |
| 2008 Property Tax Credit  |   | $           | 92.4   |   |        | $      | 20.2   |        |   | $      | 47.5            |   |   | $      | 3.4    |   |   | $ | 163.5 |   |
| 2008 Net Levy             |   | $           | 104.0  |   |        | $      | 286.9  |        |   | $      | 329.4           |   |   | $      | 25.1   |   |   | $ | 745.3 |   |
| 2008 Tax Relief           |   |        | 47.1   | %      |        |   | 6.6    | %           |   |   | 12.6            | %      |   |   |   |   |   |   |   |   |
| 2008 Commitment           |   |        | 47.0   | %      |        |   | 6.9    | %           |   |   | 12.0            | %      |   |   |   |   |   |   |   |   |
| 2009 Mill Rate            |   |        | 7.08   |   |        |   | 14.78  |        |   |   | 10.08           |   |   |   |   |   |   |   |   |   |
| 2009 Tax Levy1            |   | $           | 68.0   |   |        | $      | 255.0  |        |   | $      | 266.8           |   |   | $      | 21.8   |   |   | $ | 611.7 |   |
| 2009 Tax Relief           |   |        | 65.4   | %      |        |   | 17.0   | %           |   |   | 29.2            | %      |   |   |   |   |   |   |   |   |
| 2009 Relief Commitment    |   |        | 56.0   | %      |        |   | 8.3    | %           |   |   | 15.0            | %      |   |   |   |   |   |   |   |   |
| 2010 Mill Rate            |   |        | 7.08   |   |        |   | 14.70  |        |   |   | 10.08           |   |   |   |   |   |   |   |   |   |
| 2010 Tax Levy1            |   | $           | 68.1   |   |        | $      | 254.8  |        |   | $      | 275.2           |   |   | $      | 21.6   |   |   | $ | 619.7 |   |
| 2010 Tax Relief           |   |        | 65.3   | %      |        |   | 17.0   | %           |   |   | 27.0            | %      |   |   |   |   |   |   |   |   |
| 2010 Relief Commitment    |   |        | 56.0   | %      |        |   | 8.3    | %           |   |   | 15.0            | %      |   |   |   |   |   |   |   |   |
| 2011 Mill Rate            |   |        | 3.91   |   |        |   | 14.39  |        |   |   | 9.51            |   |   |   |   |   |   |   |   |   |
| 2011 Tax Levy1            |   | $           | 37.4   |   |        | $      | 253.8  |        |   | $      | 267.4           |   |   | $      | 21.0   |   |   | $ | 579.6 |   |
| 2011 Tax Relief           |   |        | 80.9   | %      |        |   | 17.4   | %           |   |   | 29.0            | %      |   |   |   |   |   |   |   |   |
| 2011 Relief Commitment    |   |        | 80.0   | %      |        |   | 10.2   | %           |   |   | 20.0            | %      |   |   |   |   |   |   |   |   |

|   | 1 | The Tax Levy by year includes growth in the property base as new housing and businesses are added. |
|--------|---|----------------------------------------------------------------------------------------------------|

|   | 2 | Commercial mill rates are tiered based on taxable assessment. In 2011, the mill rate will be 12.25 on the first |
|--------|---|-----------------------------------------------------------------------------------------------------------------|

|   | $499,999 of assessment, 14.75 on the amount between $500,000 and $5,999,999 and 18.55 for amounts |
|--------|---------------------------------------------------------------------------------------------------|

|   | above $6,000,000. The predicted average Commercial mill rate is 14.78 in 2009, 14.70 in 2010 and 14.39 in |
|--------|-----------------------------------------------------------------------------------------------------------|

|   | 2011. |
|--------|-------|

|   | 3 | Estimate for Grants-in-Lieu of Taxes. |
|--------|---|---------------------------------------|

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| Property                        |   | 2008 Taxable Assessment1 |      |   |  2008 Net Levy2 |   |   | 2011 Taxable  Assessment1 |   |   |  2011 Tax Levy |   |   |  Change in Tax Levy from 2008 ($) |   |   | Changein Tax Levyfrom 2008 (%) |   |    |  Changein Tax Levyfrom 2010 ($) |   |   | Changein Tax Levyfrom  2010 (%) |   |
|---------------------------------|--------|--------------------------|-----------|--------|----------------------|--------|--------|--------------------------------|--------|--------|---------------------|--------|--------|----------------------------------------|--------|--------|--------------------------------|--------|---------|--------------------------------------|--------|--------|--------------------------------------|--------|
| RM of Winslow:                  |   |                     |      |   |                 |   |   |                           |   |   |                |   |   |                                   |   |   |                           |   |    |                                 |   |   |                                 |   |
| 10 Quarter Sections Arable Land |   |                     | 293,535   |   |                 |   | 3,351  |                           |   |   | 329,450             |   |   |                                   | 1,288  |   |                           |   | (2,063  | )                                    |   |   | -61.6                                |   |   |   | (1,044 | ) |   |   | -44.8 |   |
| Katepwa Residential             |   |                     | 201,600   |   |                 |   | 4,036  |                           |   |   | 268,170             |   |   |                                   | 2,550  |   |                           |   | (1,486  | )                                    |   |   | -36.8                                |   |   |   | (153 | ) |   |   | -5.7 |   |
| Canora Residential              |   |                     | 79,800    |   |                 |   | 1,541  |                           |   |   | 79,520              |   |   |                                   | 756    |   |                           |   | (785    | )                                    |   |   | -50.9                                |   |   |   | (45 | ) |   |   | -5.7 |   |
| Swift Current Residential       |   |                     | 140,190   |   |                 |   | 2,295  |                           |   |   | 195,370             |   |   |                                   | 1,858  |   |                           |   | (437    | )                                    |   |   | -19.0                                |   |   |   | (111 | ) |   |   | -5.7 |   |
| Swift Current Medium Commercial |   |                     | 1,357,970 |   |                 |   | 51,408 |                           |   |   | 1,989,100           |   |   |                                   | 28,089 |   |                           |   | (23,319 | )                                    |   |   | -45.4                                |   |   |   | (1,489 | ) |   |   | -5.0 |   |
| Saskatoon Residential           |   |                     | 200,000   |   |                 |   | 3,043  |                           |   |   | 291,900             |   |   |                                   | 2,776  |   |                           |   | (267    | )                                    |   |   | -8.8                                 |   |   |   | (166 | ) |   |   | -5.7 |   |
| Saskatoon Medium Commercial     |   |                     | 1,690,400 |   |                 |   | 35,493 |                           |   |   | 2,001,100           |   |   |                                   | 28,266 |   |                           |   | (7,227  | )                                    |   |   | -20.4                                |   |   |   | (1,501 | ) |   |   | -5.0 |   |
| Regina Residential              |   |                     | 200,000   |   |                 |   | 2,970  |                           |   |   | 263,200             |   |   |                                   | 2,503  |   |                           |   | (467    | )                                    |   |   | -15.7                                |   |   |   | (150 | ) |   |   | -5.7 |   |
| Regina Small Commercial         |   |                     | 244,400   |   |                 |   | 5,713  |                           |   |   | 378,800             |   |   |                                   | 4,640  |   |                           |   | (1,072  | )                                    |   |   | -18.8                                |   |   |   | 0 |   |   |   | 0.0 |   |
| Regina Medium Commercial        |   |                     | 1,280,500 |   |                 |   | 31,512 |                           |   |   | 1,998,000           |   |   |                                   | 28,221 |   |                           |   | (3,291  | )                                    |   |   | -10.4                                |   |   |   | (1,498 | ) |   |   | -5.0 |   |

|   | 1 | Taxable Assessment: percentage of value (POV) has been applied (assessed value x POV = taxable assessment). |
|--------|---|-------------------------------------------------------------------------------------------------------------|

|   | 2 | Net levy includes the application of the Education Property Tax Credit. |
|--------|---|-------------------------------------------------------------------------|

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| 1. | Many clients are common across sectors, and they interact closely with a number of ministries and service systems. Clients can be affected by poverty, unemployment, lower education levels, mental health issues, substance abuse, maltreatment, violence or abuse. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | There is a strong evidence base for action and Government is well-positioned for research-supported and evidence-based decision making and action. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Prevention is a key underlying theme with all the strategies and across sectors. |
|----|----------------------------------------------------------------------------------|

| 4. | Investment in the early years will have a positive and long-term impact. Investments in early childhood development, learning and care are included in the cross-government approach. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Government needs to work differently with community stakeholders, First Nations, Métis and others to attain shared leadership and responsibility, since Government does not solely own the problems or solutions. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Engagement with First Nations and Métis people is essential to ensure solutions are appropriate to culture and communities. |
|----|----------------------------------------------------------------------------------------------------------------------------------|

| 7. | Individual and Family Supports really make a difference to client outcomes. |
|----|-----------------------------------------------------------------------------|

| 8. | Socio-economic determinants of health matter. Challenges associated with poverty, housing, disability, addictions, lack of parenting, unemployment, unsafe family and community settings need to be addressed. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | There are high social and economic costs associated with inaction for individuals, families and communities, in addition to increased expenditures by human service ministries. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Support First Nations Child and Family Service Agencies to provide better case management for children in the Province’s care who are placed on-reserve – $1,500,000; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Develop new services with Community-Based Organizations (CBOs) to provide therapeutic foster care services for children with developmental or behaviour difficulties and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Ministry                                                                                | Description                                                        |   | 2011-12Increases |    |
|-----------------------------------------------------------------------------------------|--------------------------------------------------------------------|--------|------------------|---------|
|                                                                                    |                                                               |   |             |
| Child Welfare Review                                                                    |                                                               |   |             |
| Social Services                                                                         | First Nations Case Management Payments                             |   | $                | 1,500   |   |
| Social Services                                                                         | Home Assessments and Treatment Foster Care Provided by CBOs        |   |             | 1,250   |   |
| Social Services                                                                         | Intensive Family Supports1                                         |   |             | 1,000   |   |
| Social Services                                                                         | Increase Child Protection Workers – 30 FTEs                  |   |             | 750     |   |
| Social Services                                                                         | Visitation and Supervision for Children in Care                    |   |             |    |   |
|                                                                                    |    and Families Provided by CBOs                    |   |             | 500     |   |
| Social Services                                                                         | Further Child Welfare Response Consultation and Planning           |   |             | 400     |   |
| Social Services                                                                         | Family Finders                                                     |   |             | 350     |   |
| Social Services                                                                         | Saskatchewan First Nations Family and Community Institute          |   |             | 300     |   |
| Social Services                                                                         | Out-of-Home Residential and Extended Family Care                   |   |             | 8,400   |   |
| Health and Education                                                                    | Early Childhood Intervention Programs and KidsFirst                |   |             | 280     |   |
| First Nations and                                                                       | First Nations and Métis Engagement Related to the             |   |             |    |   |
| Métis Relations (FNMR)                                                             |    Children and Youth Agenda                        |   |             | 350     |   |
| Justice and Attorney General                                                            | Aboriginal Courtworker Child Welfare Pilots                        |   |             | 200     |   |
| Justice and Attorney General                                                            | Northern Transportation and Safety Initiative                      |   |             | 50      |   |
| Tourism, Parks, Culture and Sport                                                       | After School Program                                               |   |             | – |   |
| Sub-Total Child Welfare Review                                                          |                                                               | $      | 15,330           |    |
|                                                                                    |                                                               |   |             |    |   |
| First Nations and Métis Education and Employment                                   |                                                               |
| Advanced Education Emplyment                                                            | Task Force on First Nations and Métis Education               |   |             |    |   |
| and Immigration (AEEI), Education                                                       |    and Employment                                   |   |             |    |   |
| and FNMR                                                                                |                                                               |   | $                | 2,000   |   |
| AEEI                                                                                    | Adult Basic Education – Essential Skills for the             |   |             |    |   |
|                                                                                    |    Workplace, First Nations and Métis People   |   |             | 4,425   |   |
| AEEI                                                                                    | Provincial Training Allowance, First Nations and Métis People |   |             | 2,575   |   |
| AEEI                                                                                    | Apprenticeship Training for First Nations and Métis People    |   |             | 600     |   |
| Education                                                                               | Prekindergarten Programs2                                          |   |             | 2,600   |   |
| Education                                                                               | School Capital for Prekindergarten Programs3                       |   |             | 2,000   |   |
| Education                                                                               | First Nations and Métis Education Initiatives Fund            |   |             | 1,400   |   |
| Education                                                                               | High School Completion Initiatives Fund                            |   |             | 1,000   |   |
| Education                                                                               | Individual Achievement Accounts                                    |   |             | 500     |   |
| Sub-Total First Nations and Métis Education and Employment                         |                                                               | $      | 17,100           |    |
|                                                                                    |                                                               |   |             |    |
| Autism Strategy and Fetal Alcohol Spectrum Disorder Strategy                            |                                                               |   |             |    |
| Autism Strategy                                                                         |                                                               |   |             |    |   |
| Health                                                                                  | Autism Spectrum Disorder (ASD) – Interventions               |   | $                | 900     |   |
| Health                                                                                  | ASD – Diagnosis and Assessment                               |   |             | 100     |   |
|      Sub-Total Autism Strategy                                 |                                                               |   | 1,000            |    |
| Fetal Alcohol Spectrum Disorder (FASD) Strategy                                         |                                                               |   |             |    |
| Health                                                                                  | FASD – Community Supports                                    |   | $                | 300     |   |
| Health                                                                                  | FASD – Prevention/Education                                  |   |             | 200     |   |
| Health                                                                                  | FASD – Diagnosis and Assessment                              |   |             | 100     |   |
|      Sub-Total Fetal Alcohol Spectrum Disorder (FASD) Strategy |                                                               |   | 600              |    |
| Sub-Total Autism Strategy and Fetal Alcohol Spectrum Disorder Strategy                  |                                                               | $      | 1,600            |    |
| Total Saskatchewan’s Children and Youth Agenda                                    |                                                               | $      | 34,030           |    |

|   | 1 | An additional $1.05 million was provided for this initiative in 2010-11 for 24 emergency child welfare spaces. |
|--------|---|----------------------------------------------------------------------------------------------------------------|

|   | 2 | Prekindergarten is not exclusively targeted to First Nations and Métis children; however, this investment by the Ministry of |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------|

|   | Education is expected to benefit many First Nations and Métis children and families. |
|--------|-------------------------------------------------------------------------------------------|

|   | 3 | See footnote 2. |
|--------|---|-----------------|

----

----

----

| ·   | Develop a 24/7 intensive family support model to prevent children from coming into care by utilizing in-house supports and counseling to help families during critical times such as 3:00 to 11:00 p.m. – $1,000,000 (additionally, capital funding was provided in 2010-11 to develop the infrastructure for 24 new spaces for emergency/respite care for short-term placement); |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Add 30 new Full-time Equivalent (FTE) Child Protection Workers to the frontlines in the child welfare system to address immediate pressures in the current system – $750,000; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Support the development of CBO-managed visitation, supervision, transportation supports for children in care with families – $500,000; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Consult and plan for the next phase of the Ministry’s response to the Child Welfare Review Report – $400,000; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | Increase the capacity of the Family Finders program to find First Nations families for First Nations children in care off-reserve – $350,000; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provide funding to help First Nations and Métis representatives participate in an overarching dialogue process with Government across the key inter-ministerial strategies – $350,000; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increase the capacity of the First Nations Family and Community Institute to support capacity building and training for standards and policies in First Nations Child and Family Services Agencies – $300,000; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provide new funding for out-of-home residential and extended family care – $8,400,000; |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Increase funding in Early Childhood Intervention and Development programs and KidsFirst – $280,000; |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | Provide funding to enable further pilots of the Aboriginal Courtworker program with emphasis on supporting child welfare cases – $200,000; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Provide funding for transportation of northern women and children in abusive situations to shelters – $50,000; and, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | Develop an after-school strategy with various sector partners. |
|--------------------|----------------------------------------------------------------|

----

----

----

| ·   | Funding for the Task Force on First Nations and Métis Success in Education and Employment – $2,000,000; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | Increased expenditures in Adult Basic Education which expands on a new approach to the program by focusing on literacy and numeracy, offering the program within students’ communities, practical supports to help students stay in the programs and by offering real workplace experiences – $4,425,000; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increased Provincial Training Allowance funding will provide cost-of-living support to First Nations and Métis students in post-secondary training programs – $2,575,000; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Allocating $600,000 in funding to support First Nations and Métis people entering skilled trades programs through apprenticeship training; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As a key investment by the Ministry of Education, adding 40 new prekindergarten programs for 640 more children, while not exclusively targeted to First Nations and Métis children, will benefit many First Nations and Métis children and families. Prekindergarten fosters social development and school success, promotes language development and engages families – $2,600,000 in program operational funding and $2,000,000 in capital to develop prekindergarten classrooms; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Double the existing First Nations and Métis Education Initiatives Fund to support school divisions to implement educational outcome initiatives in their First Nations and Métis Education plans – $1,400,000; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Support school divisions to implement specific initiatives aimed at improving high school completion rates for Aboriginal students across the Province – $1,000,000; and, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Building on the success of the Individual Development Accounts program in Saskatoon, the Government will support programs in additional Saskatchewan communities that involve corporate, business, education and community partners in working with students to stay in school, set and meet financial goals, while developing job readiness skills – $500,000. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ·   | Enhancing rehabilitation therapies by adding more speech language pathologists, occupational therapists, psychologists and support workers in areas of high demand – $900,000; and, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Increasing ASD diagnostic, assessment and intervention services by adding one psychologist to an existing multidisciplinary health care team – $100,000. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Launching a pilot FASD family support program to assist affected families with parenting skills and accessing services, the provision of additional mentorship services to help individuals with FASD to build lifeskills and to be engaged in positive vocational and recreational activities and for the provision of an addictions program for individuals with FASD – $300,000; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Developing an FASD prevention strategy targeting northern youth and additional health care provider training that will increase capacity to screen pregnant women for alcohol consumption and to provide brief interventions for women with at-risk drinking behaviour – $200,000; and, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Enhancing access to adult FASD diagnostic, assessment and intervention planning services by adding one psychologist to an existing multidisciplinary health care team – $100,000. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |                                     |   |
|--------|------------------------------------------|--------|
|   |                                     |   |
|   | SASKATCHEWAN PROVINCIAL BUDGET           |   |
|   | 11-12                                    |   |
|   |                                     |   |
|   | GENERAL REVENUE FUND (GRF)BUDGET DETAILS |   |

----

----

----

----

|                                             |   |            |  (thousands of dollars) |   |     |
|--------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                             |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                             |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Revenue                                          |   | $               | 10,794,300                   |   |     | $ | 10,987,500 |   |   | $ | 9,949,900 |   |
| Expense                                          |   |            | 10,679,266                   |   |     |   | 10,947,511 |   |   |   | 10,124,086 |   |
|                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Pre-Transfer Surplus (Deficit)                   |   | $               | 115,034                      |   |     | $ | 39,989 |   |   | $ | (174,186 | ) |
| Transfer (to) Growth and Financial Security Fund |   |            | (57,517                      | )      |     |   | (19,995 | ) |   |   | – |   |
| Transfer from Growth and Financial Security Fund |   |            | 325,000                      |   |     |   | – |   |   |   | 194,186 |   |
|                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Surplus                                          |   | $               | 382,517                      |   |     | $ | 19,994 |   |   | $ | 20,000 |   |
| Accumulated Deficit, Beginning of Year           |   |            | (526,434                     | )      |     |   | (546,428 | ) |   |   | (546,428 | ) |
|                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Accumulated Deficit, End of Year                 |   | $               | (143,917                     | )      |     | $ | (526,434 | ) |   | $ | (526,428 | ) |

----

|                                            |   |            |  (thousands of dollars) |   |     |
|-------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                            |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                            |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Annual Surplus                                  |   | $               | 382,517                      |   |     | $ | 19,994 |   |   | $ | 20,000 |   |
| Acquisition of Capital Assets                   |   |            | (415,655                     | )      |     |   | (397,256 | ) |   |   | (347,983 | ) |
| Amortization of Capital Assets (Gross)          |   |            | 174,434                      |   |     |   | 160,372 |   |   |   | 165,903 |   |
| Transfers to Government Organizations           |   |            | –                      |   |     |   | 127,738 | 1 |   |   | – |   |
| Disposal of Agricultural Land (Net)             |   |            | 8,000                        |   |     |   | 10,700 |   |   |   | 18,000 |   |
|                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| (Increase) Decrease in Net Debt from Operations |   | $               | 149,296                      |   |     | $ | (78,452 | ) |   | $ | (144,080 | ) |
| Net Debt, Beginning of Year                     |   |            | (3,716,706                   | )      |     |   | (3,638,254 | ) |   |   | (3,638,254 | ) |
|                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Net Debt, End of Year                           |   | $               | (3,567,410                   | )      |     | $ | (3,716,706 | ) |   | $ | (3,782,334 | ) |

| 1 | Transfer of Research Park assets to Crown Investments Corporation (CIC) in exchange for equivalent increased equity in CIC. |
|---|-----------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                                                   |   |            |  (thousands of dollars) |   |     |
|------------------------------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                                                   |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                                                   |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Operating Activities                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Surplus for the Year                                                   |   | $               | 382,517                      |   |     | $ | 19,994 |   |   | $ | 20,000 |   |
| Add Non-cash Items:                                                    |   |            |                         |   |     |   |   |   |   |   |   |   |
|    Amortization of Foreign Exchange (Gain) Loss         |   |            | 1,528                        |   |     |   | 737 |   |   |   | 1,510 |   |
|    Amortization of Capital Assets                       |   |            | 174,434                      |   |     |   | 160,372 |   |   |   | 165,903 |   |
|    (Gain) Loss on Loans, Investments and Capital Assets |   |            | (15,920                      | )      |     |   | (16,500 | ) |   |   | (26,640 | ) |
| Net Change in Non-cash Operating Activities                            |   |            | (39,839                      | )      |     |   | (329,759 | ) |   |   | (144,129 | ) |
| Earnings Retained in Sinking Funds                                     |   |            | (81,000                      | )      |     |   | (144,230 | ) |   |   | (82,128 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Cash Provided by (used for) Operating Activities                       |   | $               | 421,720                      |   |     | $ | (309,386 | ) |   | $ | (65,484 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Ministry Capital Activities                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Acquisition of Capital Assets                                          |   | $               | (415,655                     | )      |     | $ | (397,256 | ) |   | $ | (347,983 | ) |
| Proceeds on Disposal of Agricultural Land                              |   |            | 26,000                       |   |     |   | 30,500 |   |   |   | 48,000 |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Cash Provided by (used for) Ministry Capital Activities                |   | $               | (389,655                     | )      |     | $ | (366,756 | ) |   | $ | (299,983 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Lending and Investing Activities                                       |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Receipts                                                               |   | $               | 278,418                      |   |     | $ | 904,092 |   |   | $ | 902,018 |   |
| Disbursements                                                          |   |            | (1,029,195                   | )      |     |   | (749,088 | ) |   |   | (1,072,017 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Cash Provided by (used for) Lending and Investing Activities           |   | $               | (750,777                     | )      |     | $ | 155,004 |   |   | $ | (169,999 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Financing Activities                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Borrowing                                                              |   | $               | 886,800                      |   |     | $ | 789,459 |   |   | $ | 1,067,722 |   |
| Debt Repayment                                                         |   |            | (378,988                     | )      |     |   | (675,199 | ) |   |   | (687,320 | ) |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| Cash Provided by (used for) Financing Activities                       |   | $               | 507,812                      |   |     | $ | 114,260 |   |   | $ | 380,402 |   |
|                                                                   |   |            |                         |   |     |   |   |   |   |   |   |   |
| (Decrease) Increase in Cash 1                                          |   | $               | (210,900                     | )      |     | $ | (406,878 | ) |   | $ | (155,064 | ) |

| 1 | Cash also includes temporary, short-term (less than 30 days) investments. |
|---|---------------------------------------------------------------------------|

----

----

----

----

|                                          |   |            |  (thousands of dollars) |   |     |
|-----------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                          |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                          |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Taxes                                         |   |            |                         |   |     |   |   |   |   |   |   |   |
| Corporation Income                            |   | $               | 1,080,700                    |   |     | $ | 1,147,200 |   |   | $ | 762,500 |   |
| Fuel                                          |   |            | 461,300                      |   |     |   | 445,700 |   |   |   | 452,700 |   |
| Individual Income                             |   |            | 1,915,200                    |   |     |   | 1,790,100 |   |   |   | 1,964,700 |   |
| Provincial Sales                              |   |            | 1,270,700                    |   |     |   | 1,220,200 |   |   |   | 1,186,300 |   |
| Tobacco                                       |   |            | 253,200                      |   |     |   | 248,200 |   |   |   | 235,100 |   |
| Other                                         |   |            | 286,700                      |   |     |   | 274,500 |   |   |   | 257,900 |   |
| Taxes                                         |   | $               | 5,267,800                    |   |     | $ | 5,125,900 |   |   | $ | 4,859,200 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Non-Renewable Resources                       |   |            |                         |   |     |   |   |   |   |   |   |   |
| Crown Land Sales                              |   | $               | 436,400                      |   |     | $ | 466,700 |   |   | $ | 202,800 |   |
| Natural Gas                                   |   |            | 22,500                       |   |     |   | 25,600 |   |   |   | 42,200 |   |
| Oil                                           |   |            | 1,410,100                    |   |     |   | 1,232,600 |   |   |   | 1,098,300 |   |
| Potash                                        |   |            | 381,300                      |   |     |   | 301,500 |   |   |   | 221,000 |   |
| Resource Surcharge                            |   |            | 438,300                      |   |     |   | 398,700 |   |   |   | 398,700 |   |
| Other                                         |   |            | 140,300                      |   |     |   | 137,600 |   |   |   | 145,000 |   |
| Non-Renewable Resources                       |   | $               | 2,828,900                    |   |     | $ | 2,562,700 |   |   | $ | 2,108,000 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Transfers from Crown Entities                 |   |            |                         |   |     |   |   |   |   |   |   |   |
| Crown Investments Corporation of Saskatchewan |   | $               | 110,000                      |   |     | $ | 266,000 |   |   | $ | 266,000 |   |
|    – Special Dividend    |   |            | 10,000                       |   |     |   | 213,500 |   |   |   | 10,000 |   |
| Saskatchewan Liquor and Gaming Authority      |   |            | 422,000                      |   |     |   | 435,100 |   |   |   | 445,600 |   |
| Other Enterprises and Funds                   |   |            | 45,800                       |   |     |   | 42,200 |   |   |   | 46,900 |   |
| Transfers from Crown Entities                 |   | $               | 587,800                      |   |     | $ | 956,800 |   |   | $ | 768,500 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Other Revenue                                 |   |            |                         |   |     |   |   |   |   |   |   |   |
| Fines, Forfeits and Penalties                 |   | $               | 13,200                       |   |     | $ | 13,400 |   |   | $ | 11,800 |   |
| Interest, Premium, Discount and Exchange      |   |            | 136,500                      |   |     |   | 203,300 |   |   |   | 134,300 |   |
| Motor Vehicle Fees                            |   |            | 162,000                      |   |     |   | 160,600 |   |   |   | 152,400 |   |
| Other Licences and Permits                    |   |            | 24,600                       |   |     |   | 28,500 |   |   |   | 27,100 |   |
| Sales, Services and Service Fees              |   |            | 124,100                      |   |     |   | 127,200 |   |   |   | 108,300 |   |
| Transfers from Other Governments              |   |            | 15,600                       |   |     |   | 15,800 |   |   |   | 15,600 |   |
| Other                                         |   |            | 65,000                       |   |     |   | 124,000 |   |   |   | 65,000 |   |
| Other Revenue                                 |   | $               | 541,000                      |   |     | $ | 672,800 |   |   | $ | 514,500 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Own-Source Revenue                            |   | $               | 9,225,500                    |   |     | $ | 9,318,200 |   |   | $ | 8,250,200 |   |
| Transfers from the Government of Canada       |   |            |                         |   |     |   |   |   |   |   |   |   |
| Canada Health Transfer                        |   | $               | 847,100                      |   |     | $ | 795,400 |   |   | $ | 811,800 |   |
| Canada Social Transfer                        |   |            | 352,700                      |   |     |   | 342,600 |   |   |   | 342,400 |   |
| Other                                         |   |            | 369,000                      |   |     |   | 531,300 |   |   |   | 545,500 |   |
| Transfers from the Government of Canada       |   | $               | 1,568,800                    |   |     | $ | 1,669,300 |   |   | $ | 1,699,700 |   |
|                                          |   |            |                         |   |     |   |   |   |   |   |   |   |
| Revenue                                       |   | $               | 10,794,300                   |   |     | $ | 10,987,500 |   |   | $ | 9,949,900 |   |

----

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----

|                                                            |   |            |  (thousands of dollars) |   |     |
|-----------------------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                                            |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                                            |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Ministries and Agencies                                         |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Advanced Education, Employment and Immigration                  |   | $               | 855,905                      |   |     | $ | 918,792 |   |   | $ | 829,483 |   |
| Agriculture                                                     |   |            | 417,880                      |   |     |   | 475,667 |   |   |   | 385,776 |   |
| Corrections, Public Safety and Policing                         |   |            | 367,500                      |   |     |   | 379,112 |   |   |   | 336,205 |   |
| Education                                                       |   |            | 1,233,792                    |   |     |   | 1,212,290 |   |   |   | 1,136,180 |   |
|    – Teachers’ Pensions and Benefits |   |            | 198,507                      |   |     |   | 192,275 |   |   |   | 176,815 |   |
| Energy and Resources                                            |   |            | 37,137                       |   |     |   | 76,445 |   |   |   | 37,720 |   |
| Enterprise and Innovation Programs                              |   |            | 27,347                       |   |     |   | 24,400 |   |   |   | 9,547 |   |
| Enterprise Saskatchewan                                         |   |            | 41,803                       |   |     |   | 40,036 |   |   |   | 37,036 |   |
| Environment                                                     |   |            | 180,539                      |   |     |   | 219,314 |   |   |   | 174,299 |   |
| Executive Council                                               |   |            | 12,214                       |   |     |   | 12,158 |   |   |   | 12,339 |   |
| Finance                                                         |   |            | 58,911                       |   |     |   | 58,448 |   |   |   | 60,353 |   |
|    – Public Service Pensions and Benefits  |   |            | 280,860                      |   |     |   | 262,342 |   |   |   | 264,474 |   |
| Finance Debt Servicing                                          |   |            | 420,000                      |   |     |   | 430,000 |   |   |   | 435,000 |   |
| First Nations and Métis Relations                          |   |            | 82,255                       |   |     |   | 73,590 |   |   |   | 85,740 |   |
| Government Services                                             |   |            | 12,802                       |   |     |   | 9,972 |   |   |   | 12,472 |   |
| Health                                                          |   |            | 4,462,620                    |   |     |   | 4,567,871 |   |   |   | 4,202,325 |   |
| Highways and Infrastructure                                     |   |            | 380,311                      |   |     |   | 426,439 |   |   |   | 402,939 |   |
| Information Technology Office                                   |   |            | 16,374                       |   |     |   | 16,369 |   |   |   | 16,369 |   |
| Innovation Saskatchewan                                         |   |            | 3,467                        |   |     |   | 9,818 |   |   |   | 1,318 |   |
| Justice and Attorney General                                    |   |            | 145,465                      |   |     |   | 146,822 |   |   |   | 140,350 |   |
| Labour Relations and Workplace Safety                           |   |            | 16,972                       |   |     |   | 16,213 |   |   |   | 16,213 |   |
| Municipal Affairs                                               |   |            | 388,713                      |   |     |   | 362,884 |   |   |   | 382,207 |   |
| Office of the Provincial Capital Commission                     |   |            | 10,595                       |   |     |   | 10,182 |   |   |   | 10,082 |   |
| Office of the Provincial Secretary                              |   |            | 3,579                        |   |     |   | 3,418 |   |   |   | 3,358 |   |
| Public Service Commission                                       |   |            | 37,993                       |   |     |   | 36,873 |   |   |   | 36,873 |   |
| Saskatchewan Research Council                                   |   |            | 18,133                       |   |     |   | 16,633 |   |   |   | 16,633 |   |
| Social Services                                                 |   |            | 814,172                      |   |     |   | 806,688 |   |   |   | 754,138 |   |
| Tourism, Parks, Culture and Sport                               |   |            | 100,703                      |   |     |   | 103,792 |   |   |   | 109,271 |   |
|                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Legislative Assembly and its Officers                           |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Chief Electoral Officer                                         |   |            | 14,284                       |   |     |   | 1,927 |   |   |   | 1,679 |   |
| Children’s Advocate                                       |   |            | 1,833                        |   |     |   | 1,697 |   |   |   | 1,621 |   |
| Conflict of Interest Commissioner                               |   |            | 145                          |   |     |   | 306 |   |   |   | 156 |   |
| Information and Privacy Commissioner                            |   |            | 1,114                        |   |     |   | 977 |   |   |   | 927 |   |
| Legislative Assembly                                            |   |            | 24,225                       |   |     |   | 23,450 |   |   |   | 23,950 |   |
| Ombudsman                                                       |   |            | 2,982                        |   |     |   | 2,294 |   |   |   | 2,221 |   |
| Provincial Auditor                                              |   |            | 8,134                        |   |     |   | 8,017 |   |   |   | 8,017 |   |
|                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
| Expense                                                         |   | $               | 10,679,266                   |   |     | $ | 10,947,511 |   |   | $ | 10,124,086 |   |

----

----

----

----

|                                          |   |            |       |   |          |  (thousands of dollars) |       |      |   |   |      |
|-----------------------------------------------|--------|-----------------|------------|--------|---------------|------------------------------|------------|-----------|--------|--------|-----------|
|                                          |   |  Estimated |       |   | Estimated     |                         |       | Estimated |   |   | Forecast  |   |   | Estimated |   |
|                                          |   | Gross Debt      |       |   | Sinking Funds |                         |       | Debt      |   |   | Debt      |   |   | Debt |   |
|                                          |   | 2012            |       |   | 2012          |                         |       | 2012      |   |   | 2011      |   |   | 2011 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |
| Government General Debt                       |   | $               | 5,756,742  |   |          | $                            | (1,941,260 | )         |   | $      | 3,815,482 |   |   | $ | 4,140,482 |   |   | $ | 4,140,482 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Crown Corporation General Debt                |   |            |       |   |          |                         |       |      |   |
| Information Services Corporation              |   |            |       |   |          |                         |       |      |   |   |      |   |   |
|    of Saskatchewan             |   | $               | 9,900      |   |          | $                            | –    |      |   | $      | 9,900     |   |   | $ | 13,547 |   |   | $ | 13,547 |   |
| Municipal Financing                           |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
|    Corporation of Saskatchewan |   |            | 11,356     |   |          |                         | –    |      |   |   | 11,356    |   |   |   | 11,356 |   |   |   | 11,356 |   |
| Saskatchewan Housing Corporation              |   |            | 52,004     |   |          |                         | (23,584    | )         |   |   | 28,420    |   |   |   | 29,837 |   |   |   | 30,305 |   |
| Saskatchewan Opportunities Corporation        |   |            | 43,183     |   |          |                         | (907       | )         |   |   | 42,276    |   |   |   | 36,171 |   |   |   | 36,885 |   |
| Saskatchewan Power Corporation                |   |            | 100,000    |   |          |                         | (3,277     | )         |   |   | 96,723    |   |   |   | 97,830 |   |   |   | 442,191 |   |
| Saskatchewan Telecommunications               |   |            |       |   |          |                         |       |      |   |   |      |   |   |
|    Holding Corporation         |   |            | 111,400    |   |          |                         | –    |      |   |   | 111,400   |   |   |   | 68,500 |   |   |   | 46,800 |   |
| Saskatchewan Water Corporation                |   |            | 63,675     |   |          |                         | (5,563     | )         |   |   | 58,112    |   |   |   | 51,367 |   |   |   | 56,370 |   |
| SaskEnergy Incorporated                       |   |            | 390,000    |   |          |                         | (5,515     | )         |   |   | 384,485   |   |   |   | 378,965 |   |   |   | 236,843 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Crown Corporation                             |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
|    General Debt                |   | $               | 781,518    |   |          | $                            | (38,846    | )         |   | $      | 742,672   |   |   | $ | 687,573 |   |   | $ | 874,297 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Government Business Enterprise Specific Debt  |   |            |       |   |          |
| Municipal Financing                           |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
|    Corporation of Saskatchewan |   | $               | 126,304    |   |          | $                            | (2,001     | )         |   | $      | 124,303   |   |   | $ | 104,735 |   |   | $ | 104,769 |   |
| Saskatchewan Gaming Corporation               |   |            | 12,800     |   |          |                         | –    |      |   |   | 12,800    |   |   |   | 6,000 |   |   |   | 13,000 |   |
| Saskatchewan Power Corporation                |   |            | 3,603,265  |   |          |                         | (333,593   | )         |   |   | 3,269,672 |   |   |   | 2,574,431 |   |   |   | 2,492,861 |   |
| Saskatchewan Telecommunications               |   |            |       |   |          |                         |       |      |   |   |      |   |   |
|    Holding Corporation         |   |            | 486,600    |   |          |                         | (75,089    | )         |   |   | 411,511   |   |   |   | 370,152 |   |   |   | 471,326 |   |
| SaskEnergy Incorporated                       |   |            | 541,183    |   |          |                         | (63,807    | )         |   |   | 477,376   |   |   |   | 485,138 |   |   |   | 591,073 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Government Business                           |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
|    Enterprise Specific Debt    |   | $               | 4,770,152  |   |          | $                            | (474,490   | )         |   | $      | 4,295,662 |   |   | $ | 3,540,456 |   |   | $ | 3,673,029 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Public Debt                                   |   | $               | 11,308,412 |   |          | $                            | (2,454,596 | )         |   | $      | 8,853,816 |   |   | $ | 8,368,511 |   |   | $ | 8,687,808 |   |
|                                          |   |            |       |   |          |                         |       |      |   |   |      |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt                               |   | $               | 91,335     |   |          | $                            | –    |      |   | $      | 91,335    |   |   | $ | 42,748 |   |   | $ | 71,748 |   |

----

----

----

----

|                                                |   |            |  (thousands of dollars) |   |     |
|-----------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                                |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                                |   |            | 2011-12                      |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                |   |            |                         |   |     |   |   |   |   |   |   |   |
| Borrowing for Crown Corporations                    |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                |   |            |                         |   |     |   |   |   |   |   |   |   |
| Information Services Corporation of Saskatchewan    |   | $               | 9,900                        |   |     | $ | – |   |   | $ | – |   |
| Municipal Financing Corporation of Saskatchewan     |   |            | 20,000                       |   |     |   | 20,000 |   |   |   | 20,000 |   |
| Saskatchewan Gaming Corporation                     |   |            | 6,800                        |   |     |   | – |   |   |   | 7,000 |   |
| Saskatchewan Opportunities Corporation              |   |            | 6,500                        |   |     |   | 13,000 |   |   |   | 15,000 |   |
| Saskatchewan Power Corporation                      |   |            | 733,300                      |   |     |   | 200,000 |   |   |   | 454,100 |   |
| Saskatchewan Telecommunications Holding Corporation |   |            | 92,900                       |   |     |   | 239,000 |   |   |   | 317,400 |   |
| Saskatchewan Water Corporation                      |   |            | 10,000                       |   |     |   | 9,000 |   |   |   | 17,000 |   |
| SaskEnergy Incorporated                             |   |            | 7,400                        |   |     |   | 127,600 |   |   |   | 105,000 |   |
|                                                |   |            |                         |   |     |   |   |   |   |   |   |   |
| Borrowing for Crown Corporations                    |   | $               | 886,800                      |   |     | $ | 608,600 |   |   | $ | 935,500 |   |
|                                                |   |            |                         |   |     |   |   |   |   |   |   |   |
| Borrowing for Government                            |   |            | –                      |   |     |   | 180,859 |   |   |   | 132,222 |   |
|                                                |   |            |                         |   |     |   |   |   |   |   |   |   |
| Borrowing Requirements                              |   | $               | 886,800                      |   |     | $ | 789,459 |   |   | $ | 1,067,722 |   |

----

----

----

----

|                                                                             |   |            |  (thousands of dollars) |   |     |
|----------------------------------------------------------------------------------|--------|-----------------|------------------------------|--------|----------|
|                                                                             |   |  Estimated |                         |   | Forecast |   |   | Estimated |   |
|                                                                             |   | 2012            |                         |   | 2011     |   |   | 2011 |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |
| Guaranteed Debt for Crown Corporations                                           |   |            |                         |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |
| The Crown Corporations Act, 1993                                                 |   |            |                         |   |
|    Federal Immigrant Investor Loans                               |   | $               | 56,300                       |   |     | $ | 13,700 |   |   | $ | 45,700 |   |
| The Power Corporation Act                                                        |   |            |                         |   |     |   |   |   |   |   |   |   |
|    Saskatchewan Power Savings Bonds                               |   |            |                         |   |     |   |   |   |   |   |   |   |
|         Series I to Series VII (matured) |   |            | 18                           |   |     |   | 18 |   |   |   | 18 |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Guaranteed Debt for Crown Corporations                                           |   | $               | 56,318                       |   |     | $ | 13,718 |   |   | $ | 45,718 |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Other Guaranteed Debt                                                            |   |            |                         |   |     |   |   |   |   |   |   |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| The Farm Financial Stability Act                                                 |   |            |                         |   |     |   |   |   |   |   |   |   |
|    Breeder Associations Loan Guarantees                           |   | $               | 15,000                       |   |     | $ | 13,000 |   |   | $ | 10,095 |   |
|    Feeder Associations Loan Guarantees                            |   |            | 15,000                       |   |     |   | 12,000 |   |   |   | 11,778 |   |
|    Feedlot Construction Loan Guarantees                           |   |            | 4,000                        |   |     |   | 3,000 |   |   |   | 4,107 |   |
|    Individual Feedlot Loan Guarantees                             |   |            | 1,000                        |   |     |   | 1,000 |   |   |   | 23 |   |
| The Student Assistance and Student Aid Fund Act                                  |   |            | 17                           |   |     |   | 30 |   |   |   | 27 |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Other Guaranteed Debt                                                            |   | $               | 35,017                       |   |     | $ | 29,030 |   |   | $ | 26,030 |   |
|                                                                             |   |            |                         |   |     |   |   |   |   |   |   |   |
| Guaranteed Debt                                                                  |   | $               | 91,335                       |   |     | $ | 42,748 |   |   | $ | 71,748 |   |

----

----

----

|   |                             |   |
|--------|----------------------------------|--------|
|   |                             |   |
|   | SASKATCHEWAN PROVINCIAL BUDGET   |   |
|   | 11-12                            |   |
|   |                             |   |
|   | SUMMARY FINANCIAL BUDGET DETAILS |   |

----

----

----

----

|                                                             |   |            |  (millions of dollars) |   |     |
|------------------------------------------------------------------|--------|-----------------|-----------------------------|--------|----------|
|                                                             |   |  Estimated |                        |   | Forecast |   |   | Estimated |   |
|                                                             |   |            | 2011-12                     |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| Treasury Board Organizations 1                                   |   |            |                        |   |     |   |   |   |   |   |   |   |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| General Revenue Fund (GRF)                                       |   | $               | 382.5                       |   |     | $ | 20.0 |   |   | $ | 20.0 |   |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| Growth and Financial Security Fund                               |   |            | (267.5                      | )      |     |   | 20.0 |   |   |   | (194.2 | ) |
| Boards of Education                                              |   |            | 113.8                       |   |     |   | 125.0 |   |   |   | 31.9 |   |
| eHealth Saskatchewan                                             |   |            | 11.7                        |   |     |   | 18.4 |   |   |   | 18.1 |   |
| Enterprise Saskatchewan                                          |   |            | (14.9                       | )      |     |   | (4.4 | ) |   |   | (7.9 | ) |
| Legal Aid Commission                                             |   |            | (0.3                        | )      |     |   | (0.6 | ) |   |   | (0.1 | ) |
| Liquor and Gaming Authority                                      |   |            | 422.0                       |   |     |   | 440.2 |   |   |   | 445.6 |   |
| Northern Municipal Trust Account                                 |   |            | (8.2                        | )      |     |   | (1.2 | ) |   |   | (16.1 | ) |
| Regional Colleges                                                |   |            | 2.8                         |   |     |   | 27.2 |   |   |   | 6.3 |   |
| Regional Health Authorities                                      |   |            | (94.5                       | )      |     |   | 257.0 |   |   |   | (76.0 | ) |
| Saskatchewan Agricultural Stabilization Fund                     |   |            | –                     |   |     |   | (6.0 | ) |   |   | (8.4 | ) |
| Saskatchewan Apprenticeship & Trade Certification Commission |   |            | (0.5                        | )      |     |   | (0.6 | ) |   |   | (1.0 | ) |
| Saskatchewan Cancer Agency                                       |   |            | (3.9                        | )      |     |   | (5.1 | ) |   |   | (10.2 | ) |
| Saskatchewan Financial Services Commission Fund                  |   |            | 8.3                         |   |     |   | 9.4 |   |   |   | 7.9 |   |
| Saskatchewan Housing Corporation                                 |   |            | 1.5                         |   |     |   | (6.7 | ) |   |   | (5.9 | ) |
| Saskatchewan Institute of Applied Science and Technology         |   |            | –                     |   |     |   | 3.5 |   |   |   | (1.3 | ) |
| Saskatchewan Research Council                                    |   |            | 0.8                         |   |     |   | 0.2 |   |   |   | 0.3 |   |
| Saskatchewan Student Aid Fund                                    |   |            | 0.7                         |   |     |   | (8.6 | ) |   |   | (7.7 | ) |
| Saskatchewan Watershed Authority                                 |   |            | (5.4                        | )      |     |   | (1.7 | ) |   |   | (2.0 | ) |
| Other Organizations                                              |   |            | (11.1                       | )      |     |   | 23.3 |   |   |   | 10.7 |   |
| Interagency Accounting Adjustments 2                             |   |            | (209.9                      | )      |     |   | (84.2 | ) |   |   | (145.7 | ) |
| Adjustment to account for pension costs on an accrual basis      |   |            | (206.8                      | )      |     |   | (289.9 | ) |   |   | (289.2 | ) |
|                                                             |   |            | 121.1                       |   |     | $ | 535.2 |   |   | $ | (224.9 | ) |
| Dividends included in GRF surplus                                |   |            | (430.0                      | )      |     |   | (444.4 | ) |   |   | (452.6 | ) |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| Surplus (Deficit) of Treasury Board Organizations                |   | $               | (308.9                      | )      |     | $ | 90.8 |   |   | $ | (677.5 | ) |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| CIC Board Organizations 3                                        |   |            |                        |   |     |   |   |   |   |   |   |   |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| Crown Investments Corporation (non-consolidated) 4               |   | $               | (88.0                       | )      |     | $ | 32.6 |   |   | $ | (70.3 | ) |
| CIC Asset Management Inc.                                        |   |            | (7.1                        | )      |     |   | (11.0 | ) |   |   | 5.2 |   |
| Information Services Corporation                                 |   |            | 12.2                        |   |     |   | 15.6 |   |   |   | 10.9 |   |
| SaskEnergy Incorporated                                          |   |            | 96.3                        |   |     |   | 37.0 |   |   |   | 58.1 |   |
| Saskatchewan Gaming Corporation                                  |   |            | 25.5                        |   |     |   | 21.5 |   |   |   | 25.2 |   |
| Saskatchewan Government Insurance                                |   |            | 43.1                        |   |     |   | 48.4 |   |   |   | 42.7 |   |
| Saskatchewan Opportunities Corporation                           |   |            | 4.6                         |   |     |   | 6.2 |   |   |   | 2.8 |   |
| Saskatchewan Power Corporation                                   |   |            | 118.6                       |   |     |   | 159.5 |   |   |   | 134.2 |   |
| Saskatchewan Telecommunications Holding Corporation              |   |            | 161.0                       |   |     |   | 155.2 |   |   |   | 115.2 |   |
| Saskatchewan Transportation Company                              |   |            | (0.5                        | )      |     |   | 0.1 |   |   |   | (0.7 | ) |
| Saskatchewan Water Corporation                                   |   |            | 0.2                         |   |     |   | 0.2 |   |   |   | 0.2 |   |
| Interagency Accounting Adjustments 2                             |   |            | (18.0                       | )      |     |   | (186.9 | ) |   |   | (73.6 | ) |
|                                                             |   | $               | 347.9                       |   |     | $ | 278.4 |   |   | $ | 249.9 |   |
| Dividends included in GRF surplus                                |   |            | (120.0                      | )      |     |   | (479.5 | ) |   |   | (276.0 | ) |
|                                                             |   |            |                        |   |     |   |   |   |   |   |   |   |
| Retained Surplus of CIC Board Organizations                      |   | $               | 227.9                       |   |     | $ | (201.1 | ) |   | $ | (26.1 | ) |

----

----

----

----

|                                                     |   |            |  (millions of dollars) |   |     |
|----------------------------------------------------------|--------|-----------------|-----------------------------|--------|----------|
|                                                     |   |  Estimated |                        |   | Forecast |   |   | Estimated |   |
|                                                     |   |            | 2011-12                     |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                     |   |            |                        |   |     |   |   |   |   |   |   |   |
| Surplus (Deficit) Prior to                               |   |            |                        |   |     |   |   |   |   |   |   |   |
|    Not-for-Profit Insurance Organizations |   | $               | (81.0                       | )      |     | $ | (110.3 | ) |   | $ | (703.6 | ) |
|                                                     |   |            |                        |   |     |   |   |   |   |   |   |   |
| Not-for-Profit Insurance Organizations5                  |   |            |                        |   |     |   |   |   |   |   |   |   |
| Saskatchewan Auto Fund                                   |   | $               | (2.2                        | )      |     | $ | 68.4 |   |   | $ | 0.3 |   |
| Saskatchewan Crop Insurance Corporation                  |   |            | 83.3                        |   |     |   | (129.8 | ) |   |   | 51.3 |   |
| Crop Reinsurance Fund of Saskatchewan                    |   |            | 26.0                        |   |     |   | 20.0 |   |   |   | 20.7 |   |
| Workers’ Compensation Board (Saskatchewan)         |   |            | 28.2                        |   |     |   | 12.1 |   |   |   | 8.6 |   |
|                                                     |   |            |                        |   |     |   |   |   |   |   |   |   |
| Surplus of Not-for-Profit Insurance Organizations        |   | $               | 135.3                       |   |     | $ | (29.3 | ) |   | $ | 80.9 |   |
|                                                     |   |            |                        |   |     |   |   |   |   |   |   |   |
| Surplus (Deficit)                                        |   | $               | 54.3                        |   |     | $ | (139.6 | ) |   | $ | (622.7 | ) |

| 1 | Budgets of these organizations are subject to Treasury Board review and include transfers from the GRF. |
|---|---------------------------------------------------------------------------------------------------------|

| 2 | Interagency Accounting Adjustments are to ensure financial transactions between agencies are effectively eliminated. |
|---|----------------------------------------------------------------------------------------------------------------------|

| 3 | Budgets of these organizations are subject to CIC Board review and include grants from CIC. |
|---|---------------------------------------------------------------------------------------------|

| 4 | CIC’s amounts exclude the dividend revenue from its subsidiaries. |
|---|-------------------------------------------------------------------------|

| 5 | These insurance organizations establish rates and fees that will allow them to be actuarily sound over the long term. |
|---|-----------------------------------------------------------------------------------------------------------------------|

|   | Year end of organizations may be different from the Government’s March 31 fiscal year end. |
|--------|--------------------------------------------------------------------------------------------------|

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|                                   |   |            |  (millions of dollars) |   |     |
|----------------------------------------|--------|-----------------|-----------------------------|--------|----------|
|                                   |   |  Estimated |                        |   | Forecast |   |   | Estimated |   |
|                                   |   |            | 2011-12                     |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                   |   |            |                        |   |     |   |   |   |   |   |   |   |
| Accumulated Surplus, Beginning of Year |   | $               | 2,828.6                     |   |     | $ | 2,835.8 | 1 |   | $ | 2,835.8 | 1 |
| Surplus (Deficit)                      |   |            | 54.3                        |   |     |   | (139.6 | ) |   |   | (622.7 | ) |
| Other Comprehensive Income             |   |            | –                     |   |     |   | 132.4 | 2 |   |   | – |   |
|                                   |   |            |                        |   |     |   |   |   |   |   |   |   |
| Accumulated Surplus, End of Year       |   | $               | 2,882.9                     |   |     | $ | 2,828.6 |   |   | $ | 2,213.1 |   |

| 1 | Accumulated Surplus as at March 31, 2010 per 2009-10 Public Accounts. |
|---|-----------------------------------------------------------------------|

| 2 | This is primarily unrealized market gains (losses) on investments of the Workers’ Compensation Board and the Saskatchewan Auto Fund. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------|

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|                                |   |            |  (millions of dollars) |   |     |
|-------------------------------------|--------|-----------------|-----------------------------|--------|----------|
|                                |   |  Estimated |                        |   | Forecast |   |   | Estimated |   |
|                                |   |            | 2011-12                     |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                |   |            |                        |   |     |   |   |   |   |   |   |   |
| Surplus (Deficit)                   |   | $               | 54.3                        |   |     | $ | (139.6 | ) |   | $ | (622.7 | ) |
| Acquisition of GSO Capital Assets 1 |   |            | (1,041.8                    | )      |     |   | (816.4 | ) |   |   | (668.7 | ) |
| Amortization Expense 2              |   |            | 476.7                       |   |     |   | 452.7 |   |   |   | 452.9 |   |
|                                |   |            |                        |   |     |   |   |   |   |   |   |   |
| Decrease (Increase) in Net Debt     |   | $               | (510.8                      | )      |     | $ | (503.3 | ) |   | $ | (838.5 | ) |
| Net Debt, Beginning of Year         |   |            | (3,930.5                    | )      |     |   | (3,559.6 | ) 3 |   |   |  (3,559.6 | ) 3 |
| Other Comprehensive Income          |   |            | –                     |   |     |   | 132.4 | 4 |   |   | – |   |
|                                |   |            |                        |   |     |   |   |   |   |   |   |   |
| Net Debt, End of Year               |   | $               | (4,441.3                    | )      |     | $ | (3,930.5 | ) |   | $ | (4,398.1 | ) |

| 1 | These amounts reflect capital acquisitions by government service organizations (GSOs) such as the GRF and regional health authorities.The amounts do not include capital assets acquired by government business enterprises (GBEs) such as SaskPower and SaskTel. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Amortization expense also includes disposal of capital assets. |
|---|----------------------------------------------------------------|

| 3 | Net Debt as at March 31, 2010 per 2009-10 Public Accounts. |
|---|------------------------------------------------------------|

| 4 | This is primarily unrealized market gains (losses) on investments of the Workers’ Compensation Board and the Saskatchewan Auto Fund. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                        |   |            |  (millions of dollars) |   |     |
|-------------------------------------------------------------|--------|-----------------|-----------------------------|--------|----------|
|                                                        |   |  Estimated |                        |   | Forecast |   |   | Estimated |   |
|                                                        |   |            | 2011-12                     |   |     |   | 2010-11 |   |   |   | 2010-11 |   |
|                                                        |   |            |                        |   |     |   |   |   |   |   |   |   |
| Pension Liabilities, Beginning of the Year                  |   | $               | 6,161.7                     |   |     | $ | 5,871.8 |  1 |   | $ | 5,871.8 |  1 |
| Adjustment to account for pension costs on an accrual basis |   |            | 206.8                       |   |     |   | 289.9 |   |   |   | 289.2 |   |
|                                                        |   |            |                        |   |     |   |   |   |   |   |   |   |
| Pension Liabilities, End of the Year                        |   | $               | 6,368.5                     |   |     | $ | 6,161.7 |   |   | $ | 6,161.0 |   |

| 1 | Pension Liability as at March 31, 2010 as reported in the 2009-10 Public Accounts. |
|---|------------------------------------------------------------------------------------|

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|                                      |                      |             |                                              |   |         |   | (millions of dollars)   |               |   |   |                                         |   |                   |       |
|-------------------------------------------|---------------------------|------------------|---------------------------------------------------|--------|--------------|--------|-------------------------|--------------------|--------|--------|----------------------------------------------|--------|------------------------|------------|
|                                      |  ActualNet BookValue |             | – 2010-11 Forecast –   |   | “Asset |   | ForecastedNet BookValue |               |   |   | – 2011-12 Estimated –  |   | EstimatedNet BookValue |       |
|                                      |                      |  Mar. 31/10 |                                              |   | Additions    |   |                    |  Amortization |   |   |  Transfer 3                             |   |                   | Mar. 31/11 |   IFRS Adjust 4 |   |   | Additions |   |   | Amortization |   |   | Mar. 31/12 |   |
|  General Revenue Fund                | $                         | 2,975.4          |                                              | $      | 397.3        |   | $                       | (171.1             | )      | $      | (127.7                                       | )      | $                      | 3,073.9    |   | $ | – |   | $ | 415.7 |   | $ | (182.4 | ) | $ | 3,307.2 |   |
| Treasury Board                            |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Organizations           |                      | 3,064.4          |                                              |   | 397.8        |   |                    | (279.8             | )      |   | –                                      |   |                   | 3,182.4    |   |   | – |   |   | 592.2 |   |   | (289.1 | ) |   | 3,485.5 |   |
| CIC Board Organizations                   |                      | 6,493.6          |                                              |   | 1,017.6      |   |                    | (531.5             | )      |   | 127.7                                        |   |                   | 7,107.4    |   |   | 691.1 |   |   | 1,485.1 |   |   | (603.1 | ) |   | 8,680.5 |   |
| Not-for-Profit                            |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Insurance Organizations |                      | 63.6             |                                              |   | 16.1         |   |                    | (13.4              | )      |   | –                                      |   |                   | 66.3       |   |   | (2.5 | ) |   | 13.7 |   |   | (13.1 | ) |   | 64.4 |   |
|                                      |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Government                          | $                         | 12,597.0         |                                              | $      | 1,828.8      |   | $                       | (995.8             | )      | $      | –                                      |   | $                      | 13,430.0   |   | $ | 688.6 |   | $ | 2,506.7 |   | $ | (1,087.7 | ) | $ | 15,537.6 |   |
|                                      |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government Business                       |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |
|    Enterprises (GBEs) 1    | $                         | 6,385.4          |                                              | $      | 1,012.4      |   | $                       | (543.1             | )      | $      | –                                      |   | $                      | 6,854.7    |   | $ | 688.6 |   | $ | 1,464.9 |   | $ | (611.0 | ) | $ | 8,397.2 |   |
| Government Service                        |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Organizations (GSOs)2   |                      | 6,211.6          |                                              |   | 816.4        |   |                    | (452.7             | )      |   | –                                      |   |                   | 6,575.3    |   |   | – |   |   | 1,041.8 |   |   | (476.7 | ) |   | 7,140.4 |   |
|                                      |                      |             |                                              |   |         |   |                    |               |   |   |                                         |   |                   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Government                          | $                         | 12,597.0         |                                              | $      | 1,828.8      |   | $                       | (995.8             | )      | $      | 13,430.0                                     |   |                   |       |   | $ | 688.6 |   | $ | 2,506.7 |   | $ | (1,087.7 | ) | $ | 15,537.6 |   |

|   | The above amounts reflect capital asset acquisitions of Government organizations and do not include government transfers to acquire capital |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | assets by non-government organizations such as universities and municipalities. |
|--------|---------------------------------------------------------------------------------|

|   | Amortization includes disposal of tangible capital assets and minor adjustments. |
|--------|----------------------------------------------------------------------------------|

| 1 | Government Business Enterprises (GBEs) such as SaskPower and Liquor and Gaming Authority sell goods and services outside of government and are self sustaining. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Government Service Organizations (GSOs) are all other government organizations that are not GBEs. |
|---|---------------------------------------------------------------------------------------------------|

| 3 | The net book value of capital assets referred to as research parks managed by Saskatchewan Opportunities Corporation (SOCO) are transferred effective March 31, 2011 from the GRF to Crown Investments Corporation (CIC) in exchange for an equivalent increase in the GRF’s equity advance (investment) in CIC. CIC in turn transferred those same assets to SOCO. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The Public Sector Accounting Board (PSAB) has indicated that GBEs should report using International Financial Reporting Standards (IFRS). Primarily, IFRS adjustments relate to the immediate recognition of customer contributions into capital, power purchase agreements previously considered commitments now being recognized as finance leases, and the one time option to fair value land and buildings. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                 |   |            |    |   |       |  (millions of dollars) |    |      |   |   |     |
|------------------------------------------------------|--------|-----------------|---------|--------|------------|-----------------------------|---------|-----------|--------|--------|----------|
|                                                 |   |  Estimated |    |   | Estimated  |                        |    | Estimated |   |   | Forecast |   |   | Estimated |   |
|                                                 |   | GRF Debt 1      |    |   | Other Debt |                        |    | Total     |   |   | Total    |   |   | Total |   |
|                                                 |   | 2012            |    |   | 2012       |                        |    | 2012      |   |   | 2011     |   |   | 2011 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |
| Treasury Board Organizations                         |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |
| GRF – Government Public Debt                   |   | $               | 3,815.5 |   |       | $                           | – |      |   | $      | 3,815.5  |   |   | $ | 4,140.5 |   |   | $ | 4,140.5 |   |
| Boards of Education                                  |   |            | – |   |       |                        | 80.2    |      |   |   | 80.2     |   |   |   | 78.1 |   |   |   | 80.6 |   |
| Growth and Financial Security Fund                   |   |            | – |   |       |                        | (46.7   | )         |   |   | (46.7    | ) |   |   | (45.2 | ) |   |   | – |   |
| Municipal Financing Corporation of Sask.             |   |            | 135.6   |   |       |                        | – |      |   |   | 135.6    |   |   |   | 116.1 |   |   |   | 116.1 |   |
| Regional Health Authorities                          |   |            | – |   |       |                        | 92.0    |      |   |   | 92.0     |   |   |   | 79.0 |   |   |   | 89.0 |   |
| Saskatchewan Housing Corporation                     |   |            | 28.4    |   |       |                        | 7.8     |      |   |   | 36.2     |   |   |   | 38.7 |   |   |   | 39.3 |   |
| Saskatchewan Watershed Authority                     |   |            | – |   |       |                        | 6.3     |      |   |   | 6.3      |   |   |   | 2.7 |   |   |   | – |   |
| Other                                                |   |            | – |   |       |                        | 2.0     |      |   |   | 2.0      |   |   |   | 2.0 |   |   |   | 1.6 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Public Debt of                                       |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
|    Other Treasury Board Organizations |   | $               | 164.0   |   |       | $                           | 141.6   |      |   | $      | 305.6    |   |   | $ | 271.4 |   |   | $ | 326.6 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Public Debt of                                       |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
|    Treasury Board Organizations       |   | $               | 3,979.5 |   |       | $                           | 141.6   |      |   | $      | 4,121.1  |   |   | $ | 4,411.9 |   |   | $ | 4,467.1 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| CIC Board Organizations                              |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Information Services Corporation of Sask.            |   | $               | 9.9     |   |       | $                           | – |      |   | $      | 9.9      |   |   | $ | 13.5 |   |   | $ | 13.5 |   |
| Saskatchewan Gaming Corporation                      |   |            | 12.8    |   |       |                        | 7.1     |      |   |   | 19.9     |   |   |   | 14.6 |   |   |   | 21.6 |   |
| Saskatchewan Immigrant Investor Fund Inc.            |   |            | – |   |       |                        | 52.6    |      |   |   | 52.6     |   |   |   | 12.8 |   |   |   | 42.5 |   |
| Saskatchewan Opportunities Corporation               |   |            | 42.3    |   |       |                        | – |      |   |   | 42.3     |   |   |   | 36.2 |   |   |   | 36.9 |   |
| Saskatchewan Power Corporation                       |   |            | 3,366.4 |   |       |                        | – |      |   |   | 3,366.4  |   |   |   | 2,672.3 |   |   |   | 3,009.8 |   |
| Saskatchewan Telecommunications                      |   |            | 522.9   |   |       |                        | 0.3     |      |   |   | 523.2    |   |   |   | 444.8 |   |   |   | 524.4 |   |
| Saskatchewan Water Corporation                       |   |            | 58.1    |   |       |                        | – |      |   |   | 58.1     |   |   |   | 51.4 |   |   |   | 56.4 |   |
| SaskEnergy Incorporated                              |   |            | 861.9   |   |       |                        | 4.8     |      |   |   | 866.7    |   |   |   | 868.9 |   |   |   | 832.7 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Public Debt of CIC Board Organizations               |   | $               | 4,874.3 |   |       | $                           | 64.8    |      |   | $      | 4,939.1  |   |   | $ | 4,114.5 |   |   | $ | 4,537.8 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Not-for-Profit Insurance Organizations               |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Saskatchewan Crop Insurance Corporation              |   | $               | – |   |       | $                           | 6.1     |      |   | $      | 6.1      |   |   | $ | – |   |   | $ | – |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Public Debt of Not-for-Profit                        |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
|    Insurance Organizations            |   | $               | – |   |       | $                           | 6.1     |      |   | $      | 6.1      |   |   | $ | – |   |   | $ | – |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Public Debt                                          |   | $               | 8,853.8 |   |       | $                           | 212.5   |      |   | $      | 9,066.3  |   |   | $ | 8,526.4 |   |   | $ | 9,004.9 |   |
|                                                 |   |            |    |   |       |                        |    |      |   |   |     |   |   |   |   |   |   |   |   |   |
| Guaranteed Debt                                      |   | $               | 91.3    |   |       | $                           | (51.6   | )         |   | $      | 39.7     |   |   | $ | 30.9 |   |   | $ | 35.5 |   |

| 1 | Debt obtained by the General Revenue Fund for its own use or on behalf of Crown corporations. The amount is net of sinking funds.Debt repayable in foreign currency is restated in equivalent Canadian dollars. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| The Province’s Summary Financial Statements account for Government Business Enterprises such as SaskPower on an equity basis. |
|-------------------------------------------------------------------------------------------------------------------------------------|

| Therefore debt of GBEs (except general lending by the GRF to GBEs) is netted against other liabilities and assets and the resultant equity |
|--------------------------------------------------------------------------------------------------------------------------------------------|

| is shown as Investment in GBEs. |
|---------------------------------|

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| ·   | Hospitals; |
|--------------------|------------|

| ·   | Health centres, wellness centres, and social centres; |
|--------------------|-------------------------------------------------------|

| ·   | Emergency response services, including first responders, ambulance; |
|--------------------|---------------------------------------------------------------------|

| ·   | Supportive Care, such as long-term care, day programs, respite, palliative care and programs for patients with multiple disabilities; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Home care; |
|--------------------|------------|

| ·   | Community health services, such as public health nursing, public health inspection, dental health, vaccinations, and speech pathology; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Mental health services; and, |
|--------------------|------------------------------|

| ·   | Rehabilitation services. |
|--------------------|--------------------------|

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